Bitcoin has returned to the red territory after showing signs of a potential rebound earlier today. Amid this negative price move, large Bitcoin holders have been spotted moving the asset in large quantities over the last hour.
On Friday, December 26, blockchain monitoring platform Whale Alert shared data revealing seven massive crypto transfers carrying a total of over $1 billion worth of Bitcoin.
With the transfers coming at a sensitive time when all leading cryptocurrencies, including Bitcoin, are trading in the red territory, the movements sparked discussions across the crypto community, raising curiosity about what may be coming.
Bitcoin whales in action
The tracker provided information on the multiple crypto transfers, revealing seven heavy transactions carrying a total of 13,904 Bitcoin.
Most of the transfers were identical, carrying about 1,994 to 1,998 BTC, with each transfer moved between two unknown wallets. Notably, the transfers were worth about $1.03 billion in total. None of the transfers was traced to any known sender or destination, causing market watchers to wonder about the purpose of the movements.
Considering the mysterious nature of all the transfers, the community could not speculate on their potential impact on Bitcoin’s ongoing price movement, as observers debated whether the activity represents institutional repositioning or attempts to sell or accumulate the asset.
Nonetheless, some commentators have linked the transactions to the current decline in Bitcoin’s price, assuming that whales may be reshuffling their holdings.
Amid these massive whale moves, Bitcoin has continued to slide alongside other leading altcoins, suggesting heightened selling pressure. Notably, data from CoinMarketCap shows that Bitcoin has declined by 1.01% over the last 24 hours, sliding from an intraday high of $89,459 to $87,374, its current trading price.
Bitcoin ETFs have also reflected the negative trend across top funds, with the largest Bitcoin ETF provider, BlackRock, recording an outflow of $91.4 million in just one day.