Whales extracted over $920 million in Bitcoin from CEX, pushing the BTC price to $120,000.

The price of Bitcoin (BTC) once broke through $120,000, with the 24-hour volume surging to over $77 billion. This price spike is closely related to the large Bitcoin withdrawal event from CEX exceeding $920 million. Whale transfers and ETF purchases have driven market demand, further pushing up the price of Bitcoin.

Whale activity in Bitcoin stimulates demand, driving up BTC price

According to a report from Whale Alert, there have been multiple large transfers of Bitcoin today, with a total of over $920 million worth of Bitcoin withdrawn from CEX and transferred to unknown wallets. Among them, the largest transfer was 4,166 BTC, valued at over $496 million, followed by 2,605 BTC (approximately $310 million) and 947 BTC (approximately $113 million) also being transferred out.

These transfers occurred within 43 minutes, and Whale Alert issued a red alert for these transactions, indicating that these activities have a significant impact on the market. Large Bitcoin transfers are often seen as a manifestation of investors' confidence in holding coins, and this phenomenon tends to drive up the prices of digital assets, especially BTC.

This behavior shows strong demand pressure, with buyers more inclined to transfer Bitcoin to cold wallets rather than maintain liquidity. This indicates that the market demand for Bitcoin remains strong, especially driven by whale activity.

CEX withdrawal incident attracts market attention

The recent transfer of 920 million USD is the largest outflow event of Bitcoin from a single exchange to date. This incident has quickly sparked heated discussions in the market regarding Whale behavior. Notably, the CEX has not made any public statements regarding this transfer and has not reported any platform malfunctions or maintenance.

Bitcoin price突破$120,000, 24-hour volume激增

At the same time these transfers occurred, the price of Bitcoin experienced a strong rebound, reaching a high of $120,027 and maintaining a level close to $119,559, with a daily increase of 1.96%. The trading volume of Bitcoin surged to $7.75 billion, an increase of 8.11% compared to the previous day. This sharp rise in price and trading volume usually indicates strong buying pressure in the market.

Peter Schiff changes his stance and suggests buying Bitcoin

Against the backdrop of rising Bitcoin prices, renowned Bitcoin critic Peter Schiff has changed his stance, publicly advising his followers to sell Ethereum (ETH) and increase their Bitcoin holdings. He stated that the price chart of Bitcoin is the main reason for making this suggestion.

Conclusion: The price of Bitcoin has broken through $120,000, driven by both whale activity and market demand. With the outflow of Bitcoin and the influx of institutional funds, the overall market sentiment remains bullish, making Bitcoin's future performance worth watching.