Bitcoin Whales Move $930 Million Amid Price Swings

Large Bitcoin (BTC) holders have transferred 8,603 BTC worth over $930 million in just a few hours today, according to blockchain tracker Whale Alert. The activity involves movements in and out of major exchanges like Binance and Coinbase Institutional. It coincided with Bitcoin’s price swinging between $107K and $109K before stabilizing around $108K over the last 24 hours.

The most recent movements involve 4,439 BTC, worth about $482 million, transferred in increments of 1,000 BTC from unknown wallets to new addresses. This indicates over-the-counter (OTC) trades or shifts to cold storage. Meanwhile, 567 BTC worth over $61 million was moved out from Binance to an unknown wallet. Additionally, a transfer of 600 BTC worth over $64.5 million from an unknown wallet to Coinbase Institutional was reported. The mix of movements, particularly the lack of massive net inflows to exchanges, suggests this activity is more about portfolio rebalancing and trade preparation rather than immediate selling pressure.

This round of movements in and out of anonymous wallets occurred just after a dormant address holding 10,000 BTC, worth over $1.08 billion, was reactivated after 14.2 years of inactivity. Back in 2011, when the address was last active, the coins were worth just $33,999. In perspective, this amounts to a staggering 3,176,464% ROI.

Over the last 24 hours, Bitcoin dropped from $109,000 to $107,000 and subsequently rebounded alongside the whale transfers. On Thursday, Bitcoin briefly broke into the $110,000 price range but faced resistance and subsequently dipped below. Overall, the market remains near all-time highs, with sentiment leaning toward accumulation rather than liquidation. Market watchers believe Bitcoin is showing signs of a major rally. Key technical patterns, renewed whale activity, and rising institutional interest all point to higher prices. Analyst Lark Davis highlighted a symmetrical triangle breakout, confirmed by rising volume and a bullish MACD crossover. He sees this pattern potentially sending BTC to $120K soon.