U.Today – Over the past 24 hours, $903 million worth of BTC was transferred in various transactions, sparking speculation about the reasons behind such large transfers.
Blockchain data tracker Whale Alert spotted 10 separate high-value transactions, with Bitcoin moving between unknown wallets and major exchanges, which mostly includes Kraken, but also includes Binance and Robinhood (NASDAQ:).
The transactions, totaling more than $903 million, are as follows: 620 BTC worth $58,495,235; $83,875,225 and 1,027 BTC worth $96,745,111 were transferred from Kraken to unknown wallets; 1,164 Bitcoin worth $109,706,616 were transferred between unknown wallets.
In other transactions, 600 bitcoins worth $56,816,922 were transferred from Robinhood to an unknown wallet; 999 Bitcoins 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. Subsequently, 1,881 BTC worth USD 176,504,307 and 1,003 BTC worth USD 94,116,863 were transferred from unknown wallets to cryptocurrency exchange Kraken.
Deposits on exchanges may reveal an intention to sell while withdrawals may mean buying. OTC trades that occur outside of cryptocurrency exchanges could be another possibility. However, the exact reasons behind these moves remain unknown.
Has Bitcoin price reached its peak?
At the time of writing, Bitcoin is down 0.83% in the past 24 hours to $94,507, and is trading below its all-time high (ATH) of $108,268 reached on December 17, 2024.
Even at prices around 12% lower than ATH, on-chain analytics platform Glassnode noted that bitcoin long-term holders (LTHs) were still distributing, albeit at a slower rate. However, the 30-day percentage change in LTH supply indicates that the distribution rate has definitely peaked, reaching historical highs.
In previous cycles, the price continued to rise even after the LTH distribution peaked, meaning that the peak of the distribution does not always coincide with an immediate macro peak.
Glassnode reported that the Bitcoin LTH supply loss is 0%, indicating that almost all long-term holders of Bitcoin are still profitable. Historically, when LTHs experienced sustained losses that escalated in severity, this usually heralded the true end of the cycle; However, this is not the case now.
