More than 230,000 BTC worth over $21 billion has moved on chain. The activity marks the largest Bitcoin UTXO spending movement recorded so far this year.
But a transfer of this size doesn’t automatically mean a whale is selling.
The analyst believes the coins were likely moved between addresses, with no clear evidence of funds flowing to exchanges. Some of the movement also involved Bitcoin held for months or even years.
For traders, the key question is where these coins go next. If they remain off exchanges, there’s no immediate confirmation of major sell pressure. Exchange inflows and follow up price action will be worth watching.
$PEPE
But a transfer of this size doesn’t automatically mean a whale is selling.
The analyst believes the coins were likely moved between addresses, with no clear evidence of funds flowing to exchanges. Some of the movement also involved Bitcoin held for months or even years.
For traders, the key question is where these coins go next. If they remain off exchanges, there’s no immediate confirmation of major sell pressure. Exchange inflows and follow up price action will be worth watching.
$PEPE