In the past 24 hours, a significant amount of BTC, totaling $903 million, has been moved in various transactions, sparking speculation about the reason behind these large transfers. The transactions involved unknown wallets and major exchanges such as Kraken, Binance, and Robinhood. It is unclear why these transfers occurred, but some possibilities include selling on exchanges, buying through over-the-counter trades, or other reasons. Despite BTC being down 0.83% in the last 24 hours, on-chain analytics platform Glassnode noted that Bitcoin Long-Term Holders are still distributing, albeit at a slower rate. However, the peak in distribution does not necessarily mean an immediate macro top. At the moment, most Long-Term Holders are in profit, suggesting that the cycle is not yet at its end.



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