Over $900 Million Bitcoin Moved in 24 Hours Amid Market Fluctuations, What’s Coming?
Latest developed blockchain data tracker whale alert Ten large Bitcoin transactions were identified in which BTC was transferred between unknown wallets and major exchanges (mainly Kraken, Binance, and Robinhood).
Notably, these Bitcoin transactions totaled more than $903 million, including 620 Bitcoins worth $58.5 million, 888 Bitcoins worth $83.9 million, and 1,027 Bitcoins worth $96.7 million, all transferred from Kraken to an unknown wallet. Additionally, 1,164 Bitcoin (valued at $109.7 million) were transferred between unknown wallets.
Additionally, 600 BTC ($56.8 million) was transferred from Robinhood to an unknown wallet, while 999 BTC ($93.6 million) was transferred from an unknown wallet to Binance. Kraken sent 640 BTC ($60.8 million) and 775 BTC ($72.9 million) to unknown wallets. Finally, 1,881 BTC ($176.5 million) and 1,003 BTC ($94.1 million) were transferred from unknown wallets to Kraken.
Bitcoin price fell to $94,507, below all-time highs. Long-term holders (LTH) are still selling, but at a slower pace. Despite the slowdown in the sell-off, Bitcoin’s price is still likely to rise, as past cycles have shown that a sell-off does not always mean that the price has peaked. Most LTH is still profitable and there are no signs of major losses yet.
Rate cuts and inflation concerns
Minutes of the Federal Reserve’s December meeting showed that it planned to suspend interest rate cuts in 2025 due to ongoing concerns about persistent inflation. Additionally, U.S. employment data on Friday showed a lower unemployment rate, which economists believe could lead to higher inflation. As a result, the asset’s price fell to $91,914.
In addition, investors began to withdraw funds quickly after large inflows into U.S. ETFs on Monday. On Wednesday, the largest withdrawal since December occurred, with more than $500 million cashed out, sending Bitcoin prices lower.
Silk Road Sale
Recently, a US judge allowed the seizure of more than 69,000 Bitcoins worth $6.5 billion seized from the Silk Road darknet market. While the assets won’t be sold immediately, potential sales could impact Bitcoin’s future market price.
Are analysts bullish?
On the other hand, on-chain analyst Ali Martinez noted in a recent X post that Bitcoin may not form a head-and-shoulders pattern but instead a bull pennant, signaling the continuation of the uptrend. If this pattern holds, Bitcoin’s next target could be $140,000. If a bull pennant emerges, Bitcoin could experience significant upward momentum, challenging the bearish head and shoulders predictions.
