According to blockchain monitoring service Whale Alert, large transactions involving tens of thousands of BTC worth more than $856 million took place in just 24 hours. These transfers involved moving BTC between wallets of unknown origin and centralized crypto exchanges.
One of the most substantial transactions involved a crypto whale shifting 9,819 BTC worth nearly $300 million from an unknown wallet to another unknown wallet. The cost of moving such a large amount of Bitcoin? Less than $8.
In another transaction, a deep-pocketed entity sent 5,503 BTC worth over $165 million between wallets of unknown origin, paying around $10 for the transfer.
Additionally, a crypto whale shifted 5,000 BTC worth over $150 million from an unknown wallet to another unknown wallet, paying less than $7 to move the massive Bitcoin trove.
These transactions have sparked speculation among investors and traders as to what could be driving this sudden movement of Bitcoin. Some believe that these transfers are part of a larger strategy by big investors to accumulate more Bitcoin, while others suggest that these transactions are simply a routine part of managing large portfolios.
In any case, the movement of Bitcoin between wallets of unknown origin and centralized crypto exchanges suggests that some big players are making moves behind the scenes.
Meanwhile, other Bitcoin whales have withdrawn hundreds of BTC from the crypto exchange Binance, while another sent BTC to Coinbase.
Bitcoin’s consolidation above $30,000 continues, with many investors waiting for signs of a breakout in either direction.
