The Bitcoin network has experienced a surge in activity as $903 million worth of Bitcoin was transferred in the past 24 hours. This development coincided with the 16th anniversary of Bitcoin’s first-ever mention on Twitter, a pivotal moment in cryptocurrency history.

Blockchain trackers have identified a series of large transactions involving unknown wallets and major exchanges, raising questions about the motive behind these significant transfers.

$903 Million in Bitcoin Moves Across Wallets and Exchanges

According to the data from the blockchain analytics service Whale Alert, there have been 10 large Bitcoin transactions in the last 24 hours with the total transaction amount of about 903 million BTC. The transfers primarily involved changing between addresses of unknown entities and  cryptocurrency exchanges like Kraken, Binance and Robinhood.

Among the largest ones, there were 620 BTC for $58.4 million, 888 BTC for $83.8 million, and 1,027 BTC for $96.7 million sent from Kraken to various unknown wallets. Also, 1,164 BTC or $109,700,000 was transferred between the wallets with unknown owners, and Robinhood sent 600 BTC or $56,800,000 to another unknown wallet.

There was also much action on Binance as 999 BTC valued at $93.6 million was transferred from an unknown wallet. The same pattern continued with 1,881 BTC worth $176.5 million being sent to Kraken from other anonymous wallets. These movements have raised questions into whether the activity is related to sales, purchases or over the counter transactions.

Potential Reasons Behind Bitcoin Transfers

The cause of such a significant volatility of BTC  price remains unknown, but there are several hypotheses. Transfers to exchanges like Kraken and Binance are usually a signal of the sellers while withdrawals to unidentified addresses could be a signal of accumulation.

OTC trading can also be another possible reason because it enables buyers and sellers to transact large volumes of crypto without necessarily affecting the general market. Due to the fact that some of the wallets can be anonymous, it is difficult to establish the exact final intent for these transactions.

Others have suggested that this could be due to some form of market positioning or potential future market event or institutional reallocation of assets. Nevertheless, without more information, the motives for these transfers are uncertain.

BTC Marks 16th Anniversary of $0 Value Tweet

The timing of these transactions coincides with Bitcoin’s 16th anniversary of its first-ever public mention. On January 11, 2009, Hal Finney, one of Bitcoin’s earliest supporters, tweeted, “Running Bitcoin.”

This marked the cryptocurrency’s debut on social media and has since become a historic milestone in its journey from obscurity to global recognition.

At the time, Bitcoin price was at $0, as adoption and utility were still in their infancy. Since then, Bitcoin’s price has risen dramatically, currently trading at $94,306. Although it remains far from Hal Finney’s long-term prediction of $10 million per coin, its progress continues to inspire confidence among investors.

Bitcoin Price Rally Looming? 

At present, Bitcoin’s price is trading slightly below its recent all-time high (ATH) of $108,268, reached in December 2024. Despite this, analysts believe that the market remains in a bullish phase. 

On-chain data from Glassnode indicates that Bitcoin’s long-term holders are still in profit, with no significant loss-making among this group.

As Bitcoin remains just over $94,000, some traders anticipate further price volatility in the near term. A correction to around $91,000 has been suggested as part of an Elliott Wave price analysis, but some forecasts predict that Bitcoin could reach as high as $210,000 before mid-February 2025.

The post Why Bitcoin Transfer Hits $903M on the 16th Anniversary of $0 BTC Tweet appeared first on CoinGape.

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Filed under: News - @ January 11, 2025 11:28 pm