Today, the price of Bitcoin (BTC) briefly skyrocketed to $120,000, with daily trading volumes exceeding $77 billion. The sharp price movement was right after over $920 million worth of BTC was withdrawn from the Kraken exchange and moved to unknown wallets within an hour.
The combination of significant ETF purchasing, coupled with the large transfers which underscored BTC’s withdrawal from Kraken, indicates intense accumulation in the market.
Bitcoin Whale Activity Creates Demand Raises BTC Price
As noted by Whale Alert in their X (formerly known as Twitter) posts, a staggering amount of Bitcoin was moved in a span of 43 minutes today. The biggest transaction was 4,166 BTC which is more than 496 million dollars at this time.
Another transaction shortly after moved 2,605 BTC (approximately 310 million) and a later third transfer of 947 BTC, nearly 113 million dollars BTC was transferred. All transfers were sent to undisclosed wallets without any links to known parties. Whale Alert tagged these transfers as having red alerts which indicates a possible huge market impact.
When looking at these kinds of transfers, they can be interpreted as investor confidence growing or as a long term asset holding strategy. The aggressiveness of these transfers indicates that a single or group of investors are collecting Bitcoin and transferring them to cold wallets which reflects the strong demand as well as bullish market sentiment
There have been no comments or statements from Kraken as to why the withdrawals are happening, which is suspicious in itself. Kraken has not reported any form of maintenance or technical difficulties either. The amount of 920 dollars that were transferred in a single hour is deemed suspicious and it is one of the highest amounts reported withdrawn from a single exchange recently.
The new influx is on the back of Strategy’s Michael Saylor’s company that recently declared intentions to raise $500 million through the IPO of its STRC stock, money that is supposedly meant for the additional purchases of Bitcoin.
Bitcoin Tops $120,000 as Volume Surges as Schiff Flips Bullish
While the large transfers were being executed, Bitcoin was trading at \$119,559, up 1.96% for the day. In the mid market session, BTC sought a peak of \$120,027 before a slight retracement. Daily trading volume surpassed \$77.5 billion, an 8.11% increase over 24 hours.
The combination of both volume and price improving simultaneously is considered to indicate strong market buying.
Fabled Bitcoin critic Peter Schiff surprised many followers when he recommended they dump Ethereum for Bitcoin, claiming Ethereum can’t compete with Bitcoin.
