Bitcoin’s (BTC) price briefly hit $120,000, with daily trading volume surging past $77 billion. The BTC price rise happened after more than $920 million in Bitcoin was withdrawn from Kraken and sent to unknown wallets in under one hour today. There is a strong accumulation patterns based on the transfers alongside more purchases by ETFs.
Bitcoin Whale Activity Creates Demand Raises BTC Price
As revealed by Whale Alert using an X post, the biggest transfer was 4,166 BTC, worth more than $496 million at the current BTC price. Minutes later, another X post revealed the movement of 2,605 BTC worth around $310 million was moved.
A third transaction (shared in another X post) sent 947 BTC, equivalent to nearly $113 million. All funds were directed to wallets with no known public affiliation.
These transactions took place in 43 minutes, and Whale Alert marked the transfers with several red alert signs. The red alert signs means that the transactions are a high-impact market activity.
Mass transfers from exchanges can be considered as evidence of investor confidence or holding. This has the general effect of raising any digital asset’s price, which is BTC price here.
The amount and speed of the withdrawal can be attributable to continued purchase by an individual or organized team of major holders. Hence, this action influenced BTC price.
This indicates significant demand pressure, with buyers pulling coins into cold storage rather than keeping them liquid. Kraken has not issued any public statement regarding the transfers. No scheduled maintenance or platform issues were reported at the time of the outflows.
Today’s $920 million transfer is one of the largest hourly BTC outflows from a single exchange in recent months. The rapid succession and size of the transactions have added urgency to the discussion about whale behavior.
The whale’s Bitcoin accumulation follows a recent move by Michael Saylor’s Strategy to raise funds and buy more BTC. Accordingly, Strategy announced plans to raise $500 million from the launch of its STRC stock IPO.
Bitcoin Tops $120,000 as Volume Surges as Schiff Flips Bullish
At the time of the transfer, BTC price was trading near $119,559, up 1.96% for the day. Also, BTC price hit $120,027 in the height of the market session before the price retracted. The volume of trading rose by over $77.5 billion and represented an increment of 8.11% in a single day. Such volume spikes alongside price gains typically indicate strong underlying buying pressure.
Earlier, popular Bitcoin critic, Peter Schiff, advised his followers to sell their Ethereum holdings and buy more of the leading cryptocurrency. He explained that the BTC price chart is the reason behind his suggestion.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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