PK Press Club – Over the past 24 hours, a staggering $903 million in BTC has been transferred in various transactions, sparking speculation about the reasons for these large transfers.
Blockchain data tracker Whale Alert spotted 10 separate high-value transactions with BTC moving between unknown wallets and major exchanges, mostly involving Kraken, but also including Binance and Robinhood (NASDAQ:).
The transactions, which totaled over $903 million BTC moved, were 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 were transferred 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 transferred from unknown wallets to crypto exchange Kraken.
Deposits on exchanges may indicate an intention to sell while withdrawals may imply a purchase. Over-the-counter transactions that take place outside of crypto exchanges could be another possibility. However, the exact reasons for these movements remain unknown.
Has the Bitcoin price peaked?
At the time of writing, BTC was down 0.83% over the past 24 hours at $94,507, trading below its all-time high (ATH) of $108,268 reached on December 17 2024.
Even at prices around 12% below the ATH, on-chain analytics platform Glassnode has noticed that long-term Bitcoin holders (LTH) continue to distribute, albeit at a slower pace. However, the 30-day percentage change in LTH supply indicates that the distribution rate has most certainly peaked, hitting all-time cycle highs.
In previous cycles, prices continued to rise even after the LTH distribution peak, implying that a distribution peak does not always coincide with an immediate macroeconomic peak.
Glassnode said Bitcoin’s LTH supply in loss is 0%, suggesting that almost all long-term holders are still in profit. Historically, when LTHs face persistent losses of worsening severity, it usually signals the true end of a cycle; however, this is not currently the case.
