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U.Today – Over the past 24 hours, a staggering $903 million worth of BTC has been moved in various transactions, sparking speculation about the reasons behind such massive transfers.
Blockchain data tracker Whale Alert spotted 10 separate high-value transactions, with BTC being transferred between unknown wallets and major exchanges, mostly involving Kraken, but also including Binance and Robinhood (NASDAQ :).
The transactions, with a total of over $903 million BTC transferred, are as follows: 620 BTC worth $58,495,235; worth $83,875,225 and 1,027 BTC worth $96,745,111 were transferred from Kraken to unknown wallets; 1,164 BTC worth $109,706,616 was transferred between unknown wallets.
In other transactions, 600 BTC worth $56,816,922 was transferred from Robinhood to an unknown wallet; 999 BTC worth $93,643,885 was sent from an unknown wallet to Binance. 640 BTC worth $60,789,981 and 775 BTC worth $72,929,703 were transferred from Kraken to unknown wallets. Then, 1,881 BTC worth $176,504,307 and 1,003 BTC worth $94,116,863 were transferred from unknown wallets to the Kraken crypto exchange.
Deposits on exchanges may indicate selling intent while withdrawals may indicate buying. Over-the-counter trades that take place outside of crypto exchanges could be another possibility. However, the exact reasons behind these movements remain unknown.
Is the price of Bitcoin rising?
At the time of writing, BTC is down 0.83% in the last 24 hours to $94,507, trading below its all-time high (ATH) of $108,268 reached on December 17, 2024.
Even with prices roughly 12% below ATH, on-chain analytics platform Glassnode noted that Bitcoin Long-Term Holders (LTHs) are still distributing, albeit at a slower rate. However, the 30-day percentage change in LTH supply indicates that the distribution rate is definitely rising, hitting a historical cycle high.
In previous cycles, the price continued to rise even after the LTH distribution peaked, meaning that the peak of the distribution did not always coincide with an immediate macro top.
Glassnode stated that the supply of Bitcoin LTH in loss is at 0%, which suggests that almost all Long-Term Holders are still in profit. Historically, when LTHs face persistently worsening losses, it usually signals the true end of a cycle; however, this is not the case today.
