• Whale addresses have recently shifted 4,794 BTC between Coinbase, Bitfinex, and Kraken.
• Bitcoin (BTC) had a 39% increase in January and the percentage of BTC supply last active in at least a year reached a 1-month high of 66.8%.
• Blockchain analytics system Whale Alert highlighted the massive transactions.
The start of 2021 has been a great one for Bitcoin (BTC) as the asset had its best January since 2013 and its best month since October 2020. After an impressive performance last month, BTC closed January with a 39% increase and is now seeing massive shuffles among whale addresses.
Blockchain analytics system Whale Alert has highlighted the recent activity, noting that 4,794 BTC were transferred in two days between Coinbase, Bitfinex, and Kraken addresses. The latest movement saw the transfer of 949 BTC from Kraken to BitFinex at 8:24 (UTC) today. This was immediately preceded by an earlier movement of 899 BTC between Kraken and BitFinex. Shortly before this, unidentified wallets sent 3,126 BTC to Coinbase in two uneven transactions. The first transfer, which involved 2,024 BTC, occurred at midnight Jan. 31. The second transaction saw the movement of 1,102 BTC at 20:42 on the same day.
Despite this recent activity, the percentage of BTC supply last active in at least a year reached a 1-month high of 66.8% today, indicating a low long-term holders‘ movement, as sentiments remain on the green side. This is a positive sign for the asset’s future, as the more whales are willing to hold onto their BTC, the more likely the asset is to continue its current upward trend.
All in all, the start of 2021 has been a great one for Bitcoin, and with the amount of activity seen in the past few days, it looks like the asset is in for a promising run. Whale addresses are shuffling large amounts of BTC, and the percentage of BTC supply last active in at least a year is at a 1-month high. This is a sign of long-term holders‘ confidence in the asset, and it will be interesting to see where Bitcoin goes from here.