In a significant development for cryptocurrency markets, major Bitcoin holders executed substantial transfers totaling $424 million within a 24-hour period, as reported by blockchain tracking firm Whale Alert. This movement coincides with Bitcoin's retreat below the psychological $100,000 barrier.
Three distinct transactions marked this substantial capital flow. Two transfers occurred between unidentified wallets: 1,875 BTC ($180.8 million) and 1,808 BTC ($176.4 million), respectively. The third transaction involved an exchange-to-exchange transfer of 699 BTC ($68.7 million) from Kraken to Bitfinex.
These large-scale movements emerge as Bitcoin experiences a market correction, with the leading cryptocurrency currently trading at $96,082, representing a 1.97% decline over the past day. This pullback follows Bitcoin's recent peak at $100,235, achieved after the release of mixed U.S. employment data.
Market analysts are closely monitoring these developments. CryptoQuant's head of research, Julio Moreno, notes that demand growth has notably decelerated since early December. Additionally, Glassnode data reveals that seven-day average funding rates have dropped significantly, now 85% below December's peak of 0.026%, suggesting diminishing appetite for leveraged positions.
The convergence of massive whale movements and declining market metrics presents a complex picture for Bitcoin's near-term trajectory, as institutional and retail investors alike await signs of the market's next directional move.