In a latest development, blockchain data tracker Whale Alert identified 10 large Bitcoin transactions, with BTC being transferred between unknown wallets and major exchanges, primarily Kraken, as well as Binance and Robinhood.
Notably, the transactions, totaling over $903 million in BTC, include 620 BTC valued at $58.5 million, 888 BTC worth $83.9 million, and 1,027 BTC valued at $96.7 million, all transferred from Kraken to unknown wallets. Additionally, 1,164 BTC, worth $109.7 million, were moved between unknown wallets.
Besides, 600 BTC ($56.8 million) was transferred from Robinhood to an unknown wallet, while 999 BTC ($93.6 million) moved from an unknown wallet to Binance. Kraken sent 640 BTC ($60.8 million) and 775 BTC ($72.9 million) to unknown wallets. Lastly, 1,881 BTC ($176.5 million) and 1,003 BTC ($94.1 million) were transferred from unknown wallets to Kraken.
Bitcoin’s price is down to $94,507, below its all-time high. Long-Term Holders (LTHs) are still selling but at a slower pace. Even though the selling has slowed, Bitcoin’s price may still rise, as past cycles show that selling doesn’t always mean the price has peaked. Most LTHs are still in profit, and there are no signs of major losses yet.
Rate Cut and Inflation Concerns
The Federal Reserve’s December meeting minutes showed that it plans to pause interest rate cuts in 2025 due to ongoing concerns about persistent inflation. Besides, on Friday, jobs data from the U.S. showed low unemployment, which economists believe could lead to more inflation. As a result, the asset’s price fell to as low as $91,914.
Besides, after strong inflows to American ETFs on Monday, investors began rapidly withdrawing funds. On Wednesday, the largest withdrawal since December occurred, with over half a billion dollars cashed out, causing the Bitcoin’s price to drop.
The Silk Road Sale
Recently, A U.S. judge has allowed the forfeiture of over 69,000 Bitcoin seized from the Silk Road dark web marketplace, worth $6.5 billion. While the assets won’t be sold immediately, the potential sale could affect Bitcoin’s market price in the future.
Analyst Bullish?
On the other side, on chain analyst Ali Martinez, in a recent X post noted that instead of a head-and-shoulders pattern, Bitcoin might be forming a bull pennant, which signals a continuation of an uptrend. If this pattern holds, Bitcoin could target $140,000 next. If the bull pennant plays out, Bitcoin could experience significant upward momentum, challenging the bearish head-and-shoulders predictions.
