The Bitcoin network has been expanding, probably due to the high turnover, with $903 million in Bitcoin moving from one wallet to another in a single day. This massive wave comes at the heels of the 16th anniversary of the first ever Bitcoin mention on Twitter, a major event in the history of cryto.
During this period, the blockchain analytics service, Whale Alert recorded 10 significant transactions where funds were moved between unknown wallets and leading crypto trading platforms such as Kraken, Binance, and Robinhood. Till date, a series of transfers summing up to approximately 903 million BTC has triggered controversies with regard to their rationale.
One of the biggest and most noticeable exchanges was the transfer of 620 BTC worth $58.4 million, 888 BTC for $83.8 million and 1,027 BTC for $96.7, all of which from Kraken to unknown wallets. Robinhood also participated by transferring 600 BTC, worth $ 56.8 million, to an unknown wallet.
Binance and Kraken Facilitate $270 Million in Bitcoin Transactions
In one of the transactions, Binance received 999 BTC, which would cost $93.6 million; Another large transaction 1,881 BTC, which would cost $176.5 million was sent from unidentified wallets and landed on Kraken. Large main exchanges coming together with unknown wallets and transferring million worth of Cryptocurrency has left analysts scratching their head over the reason.
While some think these movements could signal that some institutional buying or selling was about to occur, others thin that over the counter or OTC trading that enables buyers and sellers to exchange large quantities of securities, therefore not affecting the market prices could be at play. Since some of the wallets involved are pseudonymous, deducing the exact reason remains almost impossible.
As to the specificity of the transactions, it is also quite symbolic that these events happened in #bitcoin history for the first time when the currency was mentioned publicly, in a tweet. Posted on 11/01/2009 Hal Finney, one of the adopters of BTC, wrote the message “Running Bitcoin.” Crytocurrency at that time in particular bitcoin had no value as a medium of exchange and was still very far from being widely appreciated as it is today.
Let’s move on to 2025 and observe the price of Bitcoin, which has gone up to $94,306, nearing the price that we observed in its all-time high in December 2024, in this simulation. Although this stays quite a way off from Finney’s ideal of $10 million each coin, BTC continues to rise in its way and building confidence in the market.
Bitcoin at the moment is valued $94,125, some experts expect retracement is around $91,125 in the short-term. Nonetheless the over all tone remains optimistic with forecasts for a price hike to $210,000 by February next year. Glassnode on-chain metrics show that the long-term Bitcoin holders are still profitable, and confirm the bullish sentiments regarding the crypto asset.
On this Bitcoin anniversary day, we saw massive value transactions, and a bullish outlook for the future These are things the market will closely monitor in the next couple of weeks.
