Bitcoin Witnesses a Series of Extremely Large Whale Transactions

Bitcoin has witnessed significant transactions exceeding $2.3 billion, including a $1 billion withdrawal from Coinbase amidst market shifts.

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According to Whale Alert, notable movements in Bitcoin transactions have been observed. Over the past 24 hours, wallets identified as unknown have transferred a massive amount of Bitcoin, surpassing $2.3 billion. These transactions occurred within five significant transactions, indicating volatility and activity in the cryptocurrency market.

The smallest transaction among these five transferred 4,799 BTC. Another noteworthy transaction involved the transfer of 7,452 BTC. The remaining three transactions, each transferring over 8,100 Bitcoin, with the largest transaction reaching 8,734 BTC, valued at approximately $560.8 million.

An astonishing sum of approximately $1 billion worth of Bitcoin has been withdrawn from Coinbase. These withdrawals include two main transactions of 8,172 BTC and 8,136 BTC, marking a significant shift in asset allocation. Such withdrawals indicate large whales are showing signs of accumulation in cold wallets, signaling potential long-term price increases for Bitcoin.

Whale Bitcoin
Whale Bitcoin

Analyst Ali reports that within just one day, anonymous blockchain addresses have accumulated over 25,000 BTC. This amount, valued at approximately $1.6 billion, reflects the largest capital inflow into accumulating wallets in 2024 to date. This trend demonstrates increasing interest in accumulating Bitcoin amidst market fluctuations.

Additionally, CryptoQuant has provided additional on-chain data shedding light on the current market condition. The data reveals significant asset exchanges among long-term holders, especially from wallets aged between three to five years. Around 90,000 BTC have been transferred during this period, indicating a notable shift in long-term investment strategies.

Related: Bernstein Predicts Bitcoin Price to Reach $90,000 by Year-End

Further investigation reveals that wallets involved in these activities are transactional wallets rather than exchange cold wallets.

Bitcoin and other cryptocurrencies have seen capital outflows over the past two days due to macroeconomic factors. The upcoming halving and the movement of mining reserves also play a role in Bitcoin’s price decline.

This healthy correction could propel Bitcoin in the coming months, with the bullish camp aiming to sustain pressure.


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