Over $1.6 billion worth of BTC, equivalent to over 15,000 BTC, has been transferred across various wallets and exchanges within 12 hours, alarming the crypto community.
Significant transfers include large amounts of BTC moving between major exchanges like Binance, Kraken, Coinbase Institutional, Bitfinex, and Cumberland, as well as between unknown wallets.
Transfers to unknown wallets are seen as bullish signs of accumulation or cold storage, while movements to exchanges like Kraken and Coinbase can indicate potential selling pressure.
The shift of BTC to institutional platforms like Coinbase Institutional and Cumberland signifies increased institutional activity, likely related to high-volume OTC trades or fund rebalancing.