Pakinomist – Over the past 24 hours, a staggering $903 million worth of BTC has been moved in various transactions, fueling speculation about the reasons behind such large transfers.
Blockchain data tracker Whale Alert discovered 10 separate high-value transactions where BTC was moved between unknown wallets and major exchanges, mostly involving Kraken, but also including Binance and Robinhood (NASDAQ: ).
The transactions, which have moved a total of over $903 million BTC, 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 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 Kraken’s crypto exchange.
Deposits to exchanges may reveal intent to sell, while withdrawals may imply buying. Over-the-counter trades that occur outside of crypto exchanges can be another option. However, the exact reasons behind these movements 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 around 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 rate of distribution has definitely peaked and has hit historical cycle highs.
In previous cycles, the price continued to rise even after the LTH distribution peaked, meaning that a peak in the distribution does not always coincide with an immediate macro peak.
Glassnode stated that Bitcoin LTH supply with losses is at 0%, indicating that almost all long-term holders are still in profit. Historically, when LTHs face sustained losses that escalate in severity, it has typically heralded the true end of a cycle; however, this is not the case right now.
