U.Today – Over the past 24 hours, a whopping $903 million worth of BTC has been transferred in various transactions, prompting speculation as to the reasons for such large transfers.
Blockchain data tracker Whale Alert spotted 10 separate high-value transactions, with BTC being moved between unknown wallets and major exchanges, mostly including Kraken, but also including Binance and Robinhood (NASDAQ: ).
The transactions, totaling more than $903 million in BTC moved, are as follows: 620 BTC worth $58,495,235; $83,875,225 worth 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 moved 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 moved from unknown wallets to crypto exchange Kraken.
Deposits on exchanges can reveal an intent to sell, while withdrawals can indicate a purchase. OTC trading that takes place outside of crypto exchanges could be another possibility. However, the exact reasons behind these movements remain unknown.
Has Bitcoin Price Peaked?
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 at prices roughly 12% below ATH, on-chain analytics platform Glassnode noted that long-term holders (LTH) of bitcoin were still distributing, albeit at a slower rate. However, the 30-day percentage change in LTH supply indicates that the distribution rate has most certainly peaked, hitting a historical cycle high.
In previous cycles, the price continued to rise even after the LTH distribution peaked, implying that the peak in the distribution does not always coincide with the immediate macro peak.
Glassnode stated that Bitcoin LTH supply is in a 0% loss, suggesting that almost all long-term holders are still in profit. Historically, when LTHs experience sustained, escalating weight losses, this has usually heralded the true end of the cycle; however, this is not currently the case.
