While Bitcoin has pulled a strong price move following its latest rally, it appears that whales are repositioning their funds ahead of what may be coming.
Despite the bullish momentum seen across the crypto ecosystem, recent data showcased by on-chain tracking platforms shows that large holders are increasingly moving the asset in large quantities.
Bitcoin whales dump 10,450 BTC
The data shows that whales have transferred over 10,450 BTC through multiple series of large-scale transactions to major exchanges including Coinbase Institutional and FalconX.
Out of this, a total of over $700 million worth of BTC flowed into the U.S. leading cryptocurrency exchange, Coinbase, within a day.
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Some of the transactions carried Bitcoin deposits ranging between $123 million and $174.6 million, suggesting increased profit-taking activity among large Bitcoin holders.
The surge in whale activity has sparked speculation that institutional holders or high-net-worth investors may be preparing to provide liquidity, or the moves may be mere strategic rebalancing of portfolios as Bitcoin continues to trade near key price levels.
Bitcoin large holders are taking profits
In addition to the large BTC inflows into major crypto exchanges, the source also identified about $103 million worth of BTC being withdrawn to unidentified wallets during the same period.
Although this signals large-scale buying from whales, the broader trend signaled increased selling activities, suggesting that whales are possibly taking profits rather than holding for a longer term.
Following this surge in whale activities, Bitcoin has been showing mixed price actions around the $80,000 level, flashing signs of a bigger price move soon.
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