Whales Move Over 10,000 BTC to Unknown Wallets in the Past 24 Hrs

On Friday, Whale Alert, an AI service that tracks coin movement across several blockchains, captured multiple outflows of funds in and out of unknown wallets. Over the past day, Whales Alert revealed six transactions where over 10k units of Bitcoin (BTC) worth over $250 million were moved to unknown destinations.

The transactions included the movement of 5,000 BTC twice and four other million-dollar transactions piecemeal.

? ? ? ? ? 5,000 #BTC (119,939,943 USD) transferred from unknown wallet to unknown wallethttps://t.co/J4tdUdfCn9

— Whale Alert (@whale_alert) February 24, 2023

The reason for the massive outflow remains unknown to the crypto community, causing it to speculate on different things. Recently, Santiment, a leading crypto market data provider, reported the behavior of some crypto wallets holding large amounts of Bitcoin.

It said that the number of large Bitcoin addresses held by sharks and whales has remained relatively stable as the price of Bitcoin has stayed within the $23,000 to $25,000 range. The market tracker noted that experts are, nonetheless, keeping a close eye on smaller Bitcoin addresses, as a surge in the 1,000 to 10,000 BTC range could indicate a potential breakout in the market.

Furthermore, Santiment’s data shows that 10 to 100 BTC addresses and 100 to 1,000 BTC addresses have increased steadily over the past three months.

?? The amount of shark & whale #Bitcoin addresses are staying flat as the $23k to $25k price range continues. If the 1K-10K $BTC addresses begin to rise the way the 10-100 and 100-1K $BTC addresses have in the past 3 months, it would be a breakout sign. https://t.co/xs7D99BzQ1 pic.twitter.com/P7HwCGeMoT

— Santiment (@santimentfeed) February 23, 2023

Bitcoin price currently trades at $23,858, barely changing significantly within 24 hours. The 24-hour low and high BTC prices are $23,693 and $24,177, respectively. According to Santiment, Bitcoin investors remain bullish, despite the recent market correction.

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