Bitcoin Whales Move $424M in BTC Amid Market Uncertainty

Blockchain tracker Whale Alert has reported a major Bitcoin (BTC) movement, with $424 million worth of BTC transferred in three separate transactions over the past 24 hours. A total of 4,382 BTC was moved, including two transactions of 1,875 BTC ($180.8M) and 1,808 BTC ($176.4M) between unknown wallets, while 699 BTC ($68.7M) was sent from Kraken to Bitfinex.

The purpose of these large transactions remains unclear, but they may indicate whales repositioning funds ahead of potential market shifts. Transfers between unknown wallets could be internal whale transactions or over-the-counter (OTC) deals.

Bitcoin’s price has struggled to sustain momentum, recently dropping 1.97% to $96,082. After briefly surpassing $100,000 last Friday, BTC’s rally cooled amid slowing demand. CryptoQuant’s head of research, Julio Moreno, noted that demand growth has been weak since early December, impacting Bitcoin’s gains.

Glassnode reports that the seven-day average funding rate has dropped significantly from its December peak of 0.026% to 0.004%, signaling fading demand for leveraged longs. Without renewed leverage and investor appetite, Bitcoin’s price action may remain volatile or corrective.

As the market digests shifting macroeconomic conditions, investors are closely watching institutional and whale activity for clues on BTC’s next major move.