$903 Million Bitcoin Transferred in 24 Hours; What’s Behind? By U.Today
U.Today – Over the past 24 hours, $903 million worth of BTC has been moved in various transactions, prompting speculation as to the reasons for such large transfers.
Blockchain data tracker Whale Alert spotted 10 separate high-value transactions in which BTC was moved between unknown wallets and major exchanges, which mostly include Kraken, but also include Binance and Robinhood (NASDAQ.) :
The deals, which moved a total of more than $903 million, are: 1,027 BTC worth $83,875,225 and $96,745,111 were transferred from Kraken to unknown wallets; 1164 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 were sent to Binance. 640 BTC worth $60,789,981 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 crypto exchange Kraken.
Deposits to exchanges may reveal an intention to sell, while withdrawals may imply a purchase. Another possibility may be trading transactions that occur outside of crypto exchanges. 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, below its all-time high (ATH) of $108,268 on December 17, 2024.
Even with prices roughly 12% below ATH, on-chain analytics platform Glassnode observed that bitcoin long-term holders (LTHs) are still being distributed, albeit at a slower pace , peaked at historic cycle highs.
In previous cycles, price has continued to rise even after the LTH distribution has peaked, suggesting that the top of the distribution does not always coincide with the immediate macro top.
Glassnode announced that the supply loss of Bitcoin LTH is 0%, which implies that almost all Long-term holders are still in profit signals the actual end of the cycle. however, this is not the case at this time.
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