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In 2009, the world’s largest cryptocurrency Bitcoin (BTC) raised alarms among whales. Substantial whale transfers from various cryptocurrency exchanges to anonymous wallet addresses were carried out. Particularly, a series of transactions transferred 4,377 BTC from the central cryptocurrency exchange Kraken to anonymous wallet addresses. All these transactions emerged during a period when Bitcoin’s price was falling, which caught the attention of market participants.
Bitcoin Whales in Action
According to data released by the Whale Alert platform, which tracks large movements on blockchain networks, 4,377 BTC were moved in 8 transactions from the Kraken exchange to anonymous wallet addresses in the last 24 hours.
According to on-chain data, the first transaction that caught investors’ attention involved the transfer of 534 BTC worth $23.30 million from Kraken to an anonymous wallet address. Simultaneously, in the second transaction, another 471 BTC were transferred from Kraken to an anonymous wallet address.
In the third, fourth, fifth, and sixth transactions, 616, 691, 483, and 508 BTC were transferred from Kraken to anonymous wallet addresses, respectively. Finally, in the seventh and eighth transactions, 565 and 509 BTC were moved from Kraken to anonymous wallet addresses, respectively. Interestingly, the total value of BTC transferred in all these transactions corresponds to approximately $192 million. Such a series of large transactions has sparked curiosity in the cryptocurrency world.
Bitcoin’s Price Direction Turns Upward Again
Bitcoin, which was trading in red until the evening hours, began to show some recovery and started trading in green by the time this article was prepared. The price of the largest cryptocurrency has risen by 0.37% in the last 24 hours, trading at $43,925.
Experienced cryptocurrency analyst Ali Martinez shed light on the current market dynamics of Bitcoin. The analyst stated that regardless of what happens, the narrative of a spot Bitcoin ETF is the biggest bullish story of the year, and another major bullish narrative is the expected block reward halving in April 2024. Martinez also emphasized that historically, Bitcoin’s block reward halving has always been a trigger for significant price increases.
