Bitcoin has recovered from its latest correction, and whales have swung into action, aggressively scooping the leading cryptocurrency in large quantities.
On Tuesday, December 30, on-chain tracking platform Whale Alert identified two massive Bitcoin transfers involving large amounts of BTC totaling about 4,658 tokens.
$415 million in BTC exits Coinbase
The large Bitcoin transfers saw significant amounts of Bitcoin move out of the leading U.S.-based crypto exchange, Coinbase, in two separate transactions, attracting the attention of market watchers.
The data further shows that the large BTC tokens were pulled out of the exchange via unidentified wallet addresses, hinting at potential Bitcoin buy activities.
The transfers, which carried 3,858 BTC and 800 BTC consecutively, both amounted to over $415 million, per the asset’s trading price at the time of the transactions.
While the transfers have come at a time when investor sentiment has suddenly shifted and the asset is showing signs of a potential rebound, the move has sparked discussions across the crypto community.
While large crypto withdrawals from trading platforms like this are often traced to major buying activities from institutions or high-profile holders, the move signals renewed optimism and shifting stances on Bitcoin’s long-term price outlook.
With the year coming to an end, speculators have suggested that the move could be decisive positioning by whales ahead of the coming year.
Bitcoin records -3,307 in exchange netflow
Bitcoin on-chain movements suggest that momentum is building, and the asset may be closing the year on the positive side of the market.
Further data from Coinglass shows that the asset has witnessed more purchases from small and large traders than sales over the last day.
Per the data, the amount of Bitcoin purchased across all supported exchanges exceeded the amount sold by about 3,307 BTC, signaling fading selling pressure as more traders are willing to buy the asset. This could further drive Bitcoin toward reclaiming previous highs.
Caroline Amosun
Dan Burgin
Alex Dovbnya
Denys Serhiichuk