PakGazette – In the last 24 hours, a staggering $903 million worth of BTC has been moved in various transactions, sparking speculation about the reasons behind such large transfers.
Blockchain data tracker Whale Alert detected 10 separate high-value transactions, with BTC moving between unknown wallets and major exchanges, mostly related to Kraken, but also Binance and Robinhood (NASDAQ:).
The transactions, which total more than $903 million of BTC moved, 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 were transferred between unknown wallets.
In other transactions, 600 BTC worth $56,816,922 were transferred from Robinhood to an unknown wallet; 999 BTC worth $93,643,885 were 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 moved from unknown wallets to the Kraken crypto exchange.
Deposits on exchanges may reveal the intention to sell, while withdrawals may imply a purchase. Another possibility could be over-the-counter trading that occurs outside of crypto exchanges. However, the exact reasons behind these moves are still unknown.
Has Bitcoin Price Peaked?
At the time of writing, BTC was 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 at prices roughly 12% below the ATH, on-chain analytics platform Glassnode noted that Bitcoin long-term holders (LTH) are still being distributed, albeit at a slower pace. However, the 30-day percentage change in LTH supply indicates that the distribution rate has certainly peaked, reaching all-time cycle highs.
In previous cycles, the price continued to rise even after the LTH distribution peaked, implying that a peak in the distribution does not always coincide with an immediate macroeconomic high.
Glassnode stated that Bitcoin’s LTH supply loss is 0%, suggesting that almost all long-term holders are still making profits. Historically, when LTHs face persistent losses that increase in severity, they typically herald the true end of a cycle; however, this is not the case now.
