Whale Alert reports two massive Bitcoin transactions totaling over $380 million, sparking speculation

From Investing.com

January 3, 2025 11:00:22 am:

Two massive transactions on the blockchain totaling over $380 million were reported by Whale Alert in just two hours. The transfers involved 1,481 BTC ($142.8 million) and 2,481 BTC ($239.2 million) moving from unidentified wallets to new unknown locations, sparking speculation about their purpose.

The first transaction of 1,481 Bitcoin worth $142.08 million could potentially be for cold storage or establishing a new position without clear market motives. The second transfer of 2,481 BTC valued at $239.2 million mirrors the first in size, indicating possible whale-level involvement but lacking definitive intent.

Despite the significant transfers, Bitcoin’s price remains steady around $96,270 with recent consolidation below the 50 EMA. The chart suggests bullish momentum may continue if Bitcoin breaks above the 50 EMA, but low volume raises doubts about the strength of any potential rally.

The subdued trader activity and low volume could signal market caution or easier price movement. Speculation surrounds the purpose of the large transactions, with possibilities including accumulation, institutional repositioning, or market redistribution. Bitcoin’s market seems to await a catalyst for its next move, with resistance at $96,500 and key support levels at $87,500.

Read more at Investing.com: Almost $400 Million Bitcoin (BTC) Transactions: Who Involved? By U.Today