Nearly $250 Million Bitcoin Transfer Stuns Major US Exchange

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.

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.”

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.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,250 #BTC (231,448,487 USD) transferred from unknown wallet to #Krakenhttps://t.co/4vNsBjY4IA

— Whale Alert (@whale_alert) May 21, 2024

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.

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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