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

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In the last day, approximately $903 million in Bitcoin transactions have taken place across different transfers, fueling discussions on potential causes for these massive transfers.

10 significant Bitcoin transfers were detected by the blockchain data monitor Whale Alert, as large amounts of BTC were transferred among unidentified wallets and prominent crypto platforms like Kraken, Binance, and Robinhood. Most of these transactions were connected to Kraken, but not all.

🚨 🚨 🚨 620 #BTC (58,495,235 USD) transferred from #Kraken to unknown wallet

— Whale Alert (@whale_alert) January 11, 2025

The following transactions involving over $903 million in Bitcoin have taken place:
– A transfer of 620 BTC (worth approximately $58.5 million) from Kraken to an unidentified wallet.
– A transfer of 888 BTC (worth about $83.9 million) from Kraken to an unidentified wallet.
– A transfer of 1,027 BTC (worth around $96.7 million) from Kraken to an unidentified wallet.
– A transfer of 1,164 BTC (worth approximately $109.7 million) between two unidentified wallets.

In various transactions, an amount equivalent to 600 Bitcoin, which is roughly $56,816,922, was shifted from Robinhood to an unidentified wallet. Similarly, a sum of around 936.44 million dollars, or 999 Bitcoin, was sent from an anonymous wallet to Binance. Meanwhile, 607.89 million dollars (640 BTC) and approximately 72.93 million dollars (775 BTC) were transported from Kraken to unidentified wallets. Subsequently, a significant amount of Bitcoin valued at around 176.50 million dollars (1,881 BTC) and 94.12 million dollars (1,003 BTC) was transferred from unknown wallets to the Kraken crypto exchange.

Transactions made into exchanges could suggest a plan to sell, whereas those taken out may indicate a buy intention. Trades conducted off-exchange (over-the-counter) are another potential scenario. Yet, the specific motivations driving these activities remain unclear.

Has Bitcoin price peaked?

Currently, Bitcoin (BTC) has decreased by 0.83% over the past 24 hours, currently valued at $94,507. This is below its all-time high (ATH) of $108,268 that was reached on December 17, 2024.

Despite Bitcoin’s price being around 12% lower than its all-time high (ATH), long-term holders (LTHs) are still transferring their coins, though at a reduced pace. The increase in the number of LTHs over the past month suggests that the rate of distribution has reached its peak and even surpassed previous cycle highs.

Previously, the price increase persisted beyond the point when Large Token Holders (LTHs) distributed their tokens most, suggesting that such a distribution peak doesn’t always signal an immediate market peak.

According to Glassnode, currently, Bitcoin’s Long-Term Holder supply isn’t experiencing any losses, meaning nearly all long-term investors are still earning a profit. Typically, when long-term holders consistently face increasing losses, it signals the end of a cycle. However, at this moment, that’s not happening.

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2025-01-11 17:16