On December 8, the whale group holding over 10,000 BTC — also one of the main groups of BTC in this cycle — suddenly had a massive turnover of 117,000 BTC. I checked the BTC balance on exchanges during the same period, and there was no significant increase, indicating that this transaction was completed only on-chain.
Of course, it is also possible that there is an internal transfer of institutions, but the greater probability is that it is an economic behavior (such as OTC), fortunately, it did not have a serious impact on the secondary market price, indicating that it can be gradually absorbed by the off-market demand side.
Coincidentally, before the unwind of the yen carry trade on August 5, 2024, specifically during the period of July to August, this group also generated a dense amount of spending. This inevitably reminds one of the potential factor of the Bank of Japan possibly raising interest rates again on the 18th of this month.
But I think there is no need to worry excessively, after all, this is just the first appearance recently. Moreover, compared to 2024, there is a very important difference currently:
In July-August 2024, the group of whales holding 10k-100k BTC showed a declining trend in overall holdings, indicating that they are distributing their chips to other smaller groups. Currently, their overall holdings are gradually on the rise, indicating that they are overall reclaiming chips.
However, some investors have chosen to take precautionary actions in advance regarding the unknown impact of events when liquidity is sensitive.
