BTC Price Nears $120K as Whale Moves $920M

Bitcoin Price Jumps Amidst Significant Whale Activity

Bitcoin's (BTC) price experienced a brief surge to $120,000, accompanied by a daily trading volume exceeding $77 billion. This price increase correlates with the withdrawal of over $920 million in Bitcoin from the Kraken exchange to unknown wallets within a single hour. These transfers, along with increased ETF purchases, suggest strong accumulation patterns.

Whale Activity Sparks Increased Demand

According to Whale Alert, the largest single transfer involved 4,166 BTC, valued at approximately $496 million. Shortly after, another transaction of 2,605 BTC, worth around $310 million, was detected. A third transaction saw 947 BTC, nearly $113 million, moved to undisclosed wallets.

These transactions occurred within a 43-minute window and were flagged by Whale Alert as high-impact market activities.

Impact of Exchange Outflows

Large transfers from exchanges often indicate investor confidence and a preference for holding, which can positively influence the asset's price. The speed and magnitude of these withdrawals suggest significant buying pressure from major holders.

This activity suggests buyers are moving coins into cold storage, signaling long-term holding intentions rather than immediate trading. Kraken has not released any official statement regarding these outflows.

The recent $920 million outflow represents one of the largest hourly BTC withdrawals from a single exchange in recent months, intensifying discussions around whale behavior and market impact.

This accumulation follows moves such as Strategy announcing plans to raise $500 million to buy more Bitcoin, further contributing to positive market sentiment.

Bitcoin Reaches $120,000 Amidst Volume Surge

During the transfers, BTC traded near $119,559, a 1.96% increase for the day, peaking at $120,027. Trading volume surged by $77.5 billion, an 8.11% daily increase, indicating strong buying interest.

Furthermore, Peter Schiff, a well-known Bitcoin critic, advised his followers to sell their Ethereum holdings in favor of Bitcoin, citing positive signals from the BTC price chart.

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