Whales shuffle 4,794 BTC as bitcoin closes January with 39% increase

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Bitcoin (BTC) Whale addresses have traded 4,794 BTC in two days. This comes on the back of the asset’s impressive performance last month, which ended January with a 39% gain.

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Whales have moved 4,794 BTC in two days

Blockchain analytics system Whale Alert highlighted these massive transactions, which included frequent changes to Coinbase, Bitfinex and Kraken addresses. Recent movement has seen exchange of 949 BTC today at 8:24 (UTC) from Kraken to BitFinex. It immediately precedes Movement 899 BTC between Kraken and Bitfinex.

Just before this, unidentified wallets sent 3,126 BTC to Coinbase in two random transactions. The first transaction involving 2,024 BTC took place at midnight on January 31. Second transaction The same day saw a movement of 1,102 BTC at 20:42.

Despite these recent moves, the percentage of BTC supply has been active for the last time in at least a year, reaching a 1-month high of 66.8% today, indicating less long-term holders’ movement as sentiment remains in the green.

Bitcoin’s promising run and its next direction

These changes mainly follow Bitcoin’s auspicious end to the month. With a 39% gain last month, the asset had its best January since 2013 and its best month since October 2021, sparking upbeat sentiments among investors.

Beginning January with the baggage of a useless past year, BTC entered 2023 with an opening price of $16,541. Nevertheless, the favorable environment set by encouraging CPI data from last December created fertile ground for BTC.

A few days after the release of the CBI report on January 12, markets started showing signs of recovery. liquidation Short positions as much as $1.3 billion in 12 days. Jan. The property saw an influx of traders between 10 and 20, contributing to its speed and break from the claws of bears.

Despite ending January with such a strong performance, market watchers believe Bitcoin is not out of the woods yet. Most analysts think the asset’s next direction from here will be influenced by the FOMC meeting expected at 14:00 ET today. Industry players expect a 0.25% hike in the benchmark rate.

Meanwhile, BTC is changing hands at $23,078 as of press time, trading flat over the past hour but up 2% over the past week.

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