In recent cryptocurrency market developments, large Bitcoin transactions were observed prior to a significant price surge. As per data from Santiment, this past week saw four massive Bitcoin transfers that totaled between $187 million and $346 million. These transactions led to a decrease in exchange-held Bitcoin from 5.99% to a low not seen since December 2017, at 5.73%.
The aforementioned transfers preceded a 5.48% surge in the value of Bitcoin, which reached a high of $28,500. However, the cryptocurrency's price fell below $28,000 shortly after these large transactions.
According to Whale Alert, the drop in Bitcoin's price was due to these so-called 'whales' moving their Bitcoin holdings to major exchanges such as Kraken, Coinbase (NASDAQ:COIN), and Binance for selling purposes. This profit-locking activity coincided with Bitcoin's price dropping to $27,551 on the Bitstamp exchange.
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