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At this time, it is difficult to determine with exact certainty if a major sell-off is ahead for the Bitcoin price. Major sell-offs have occurred in the past, some of them quite significant, with little warning ahead of time. However, typically these events occur soon after significant news events that negatively impact sentiment, such as regulation, bad PR, etc. As of right now, there have been no negative news events of this magnitude that would suggest a major sell-off. It is more likely that the $860 million moved to exchanges is from investors who are looking to take profits from recent price gains, as well as those looking to diversify their holdings into other assets. Many investors may also be taking profits to avoid the upcoming hard fork, which could temporarily reduce the value of Bitcoin. As such, it is likely that the price of Bitcoin will experience a short-term correction in the near future, but it is difficult to predict the extent of the correction.