$903 Million Bitcoin Transferred in 24 Hours; What's Behind?

U.Today - Over the past 24 hours, a staggering $903 million worth of BTC has been moved in various transactions, sparking speculation about the reasons behind such large transfers.

Blockchain data tracker Whale Alert spotted 10 separate Bitcoin high-value transactions, with BTC being moved between unknown wallets and major exchanges, mostly involving Kraken, but also including Binance and Robinhood (NASDAQ:HOOD ).

The transactions, which total over $903 million BTC moved, are as follows: 620 BTC worth $58,495,235; 888 BTC 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 were 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 the Kraken crypto exchange.

Deposits to exchanges might reveal intent to sell while withdrawals might imply buying. Over-the-counter trades that occur outside of crypto exchanges might be another possibility. However, the exact reasons behind these movements remain 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 Dec. 17, 2024.

Even at prices roughly 12% below ATH, on-chain analytics platform Glassnode noticed that Bitcoin Long-Term Holders (LTHs) are still distributing, albeit at a slower rate. However, the 30-day percent change in LTH supply indicates that the rate of distribution has most certainly peaked, hitting historical cycle highs.

In previous cycles, price continued to rise even after LTH distribution peaked, implying that a peak in distribution does not always coincide with an immediate macro top.

Glassnode stated that Bitcoin LTH supply in loss is at 0%, suggesting that nearly all Long-Term Holders are still in profit. Historically, when LTHs face persistent losses that escalate in severity, it has typically heralded the true end of a cycle; however, this is not the case right now.

Source: Investing.com