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Transfer of nearly $250 million into Bitcoin stuns major US market
Gamza Khanzadaev
Stunning $231 Million Bitcoin Transfer Hits Kraken, As Bitcoin Price Nears Its All-Time High of $74,000
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A remarkable one Bitcoin (BTC) the transfer worth $231.45 million has recently attracted attention. As, Whale alert reported that an entity identified by the address “bc1qc” executed the transaction, transferring 3,250 BTC to Kraken, one of the leading cryptocurrency exchanges in the United States.
The history of the sender address, “bc1qc”, reveals limited information. His initial transaction occurred in March 2024, receiving 0.002 BTC from another unidentified and now empty wallet. A closer look at the transaction chain shows a series of exchanges between several unknown addresses over several months.
This recent transaction represents a significant but not overwhelming portion of the portfolio’s total holdings. Currently, 20,282 Bitcoinworth approximately $1.44 billion, remain filed under “bc1qc.”
Market participants often view such substantial transfers as potential indicators of a major player preparing to sell its holdings. Transfer Bitcoin Switching to highly liquid platforms like Kraken is a common practice before executing large sales.
However, it has not yet been confirmed whether this move will result in an immediate fire sale. The market impact of such a move could be significant given the high volume of Bitcoin involved.
Bitcoin nears all-time high… again
Despite the substantial transfer, the Bitcoin price remained stable, continuing to trade above $70,000. This level is just 3.75% below its all-time high, indicating strong market confidence and continued interest from both institutional and retail investors.
BTC to USD by CoinMarketCap
For now, the focus remains on the rest of the large holdings in the portfolio and the possible market movements that could follow.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.