• Bitcoin (BTC) whale addresses engaged in the transfers of 4,794 BTC in two days.
• This comes on the heels of the asset’s impressive performance last month, which ended January with a 39% increase.
• Despite these recent movements, the percentage of BTC supply last active in at least a year reached a 1-month high of 66.8%.
Bitcoin Whales Shuffle 4,794 BTC
Bitcoin Whale Alerts highlighted massive transfers involving Coinbase, Bitfinex and Kraken addresses over the course of two days. The latest movement saw 949 BTC transferred from Kraken to BitFinex at 8:24 (UTC). Shortly before this, 3126 BTC were sent to Coinbase in two unequal transactions.
January Closes With 39% Increase
Despite starting January with baggage from 2021’s unpropitious market conditions, bitcoin saw an impressive performance by the end of last month with a 39% increase in value. This was due to positive sentiments created by encouraging CPI data on Jan 12th and subsequent influx of traders between 10th and 20th Jan that led to breakout from bears’ claws.
Long-term Holders Remain Low
In spite of these recent movements among Bitcoin whales, there has been little movement among long-term holders as indicated by 1-month high of 66.8% for percentage of BTC supply last active in at least a year today.
What Will February Bring?
As we enter February investors are curious to see where bitcoin will go next if it continues its bullish run or face another setback like it did during 2020’s bearish market conditions.
Conclusion
The shuffling of 4,794 BTC by Bitcoin whales coupled with bullish sentiments resulting from January’s closing indicate an optimistic start for this new year and only time will tell us what February brings along for crypto markets