Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week

Bitcoin whales pulled out more than 21,400 BTC from crypto exchanges this week to realize the profits of the recent price rally.

Bitcoin (BTC) whales have been on the move, withdrawing a substantial amount of BTC from exchanges over the past week. Amid the Bitcoin price surge past $73,000, BTC whales sought to realize their profits and withdrew over 21,000 BTC this week.

Bitcoin Whales Withdraw Massive BTC Reserve From Exchanges

Ali Martinez, a crypto analyst, recently took to X and revealed significant Bitcoin whale activity. He noted that a staggering 21,401 BTC has been pulled out of crypto exchanges during this week to cash out the BTC price rally profits.

The impact of this whale activity became particularly pronounced on Thursday, March 14, when a staggering $752 million worth of Bitcoin was withdrawn from crypto exchanges. This marked the highest single-day withdrawal since May 2023, according to data from Into The Block.

Moreover, the consequences of this mass withdrawal were swiftly felt as the Bitcoin price experienced a notable crash on Friday, March 15. BTC crashed over 7% and the bearish trend was spilled all over the crypto market. In addition, the hot PPI report on Thursday expedited the fall.

Furthermore, according to Coinglass data, only $1.81 million worth of BTC is available on exchanges currently. This underscores the importance of Bitcoin supply shock. However, on a positive note, the network has witnessed the emergence of 13 new whales with holdings of over 1,000 BTC. On the other hand, the Bitcoin price decline continued today.

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