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Nearly $250 Million Bitcoin Transfer Stuns Major US Exchange

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Tue, 21/05/2024 - 12:08
Nearly $250 Million Bitcoin Transfer Stuns Major US Exchange
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A notable Bitcoin (BTC) transfer valued at $231.45 million has recently attracted attention. Thus, Whale Alert reported that an entity identified by the address "bc1qc" executed the transaction, transferring 3,250 BTC to Kraken, a major cryptocurrency exchange in the United States.

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The history of the sender’s address, "bc1qc," reveals limited information. Its initial transaction occurred in March 2024, receiving 0.002 BTC from another unidentified and now empty wallet. A closer examination of the transaction chain shows a series of exchanges between various unknown addresses over several months. 

This recent transaction represents a significant but not overwhelming portion of the wallet's total holdings. Currently, 20,282 BTC, valued at approximately $1.44 billion, remain stored in "bc1qc."

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Market participants often view such substantial transfers as potential indicators of a major player preparing to sell their holdings. Transferring Bitcoin to highly liquid platforms like Kraken is a common practice before executing large sales. 

However, it has not yet been confirmed whether this transfer will result in an immediate sell-off. The market impact of such a move could be significant given the large volume of Bitcoin involved.

Bitcoin nears all-time high...again

Despite the substantial transfer, the Bitcoin price has remained stable, continuing to trade above $70,000. This level is just 3.75% below its all-time high, indicating strong market confidence and ongoing interest from both institutional and retail investors.

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BTC to USD by CoinMarketCap

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For now, attention remains on the rest of the large holdings in the wallet and the possible market movements that could follow.

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