A real FOMO has erupted after Donald Trump’s Victory and the resulting Bitcoin all-time high. Whales are increasing their Bitcoin holdings with full capacity. Over the past 24 hours, 10 new wallets have withdrawn a total of 1,910 BTC, worth approximately $145 million. The data comes from blockchain analytics platform Lookonchain.
Whales continue to accumulate $BTC!Another 10 fresh wallets withdrew 1,910 $BTC($145M) from #Binance in the past 24 hours.https://t.co/xM6pfgMJgT pic.twitter.com/DLDPG5rbCd
— Lookonchain (@lookonchain) November 8, 2024
Whales Pull $132M in Bitcoin from Binance, Signaling Confidence
The withdrawals were carried out from Binance, which is one of the biggest digital currency trading platforms globally. In the last hour, 11 new wallets withdrew 1,807 BTC, which is approximately $132 million.
This trend indicates that the so-called ‘whales,’ big investors, are actively hodling Bitcoin still. Some think whales are stocking up for the future price hikes. Such actions would reduce supply on the exchanges and continue to push demand as Bitcoin is slowly and gradually pulled out from the exchanges.
Among them, whales have been particularly active in the last few months, and large BTC transfers have become more common recently. Analysts believe that this kind of behaviour is indicative of people’s confidence in the future of Bitcoin.
Bitcoin Price Could Skyrocket as Whale Activity Shrinks Supply
The withdrawals are coming at a time when the market is increasingly anticipating a potential skyrocketing of the Bitcoin price. As the number of coins available on exchanges shrinks, some analysts believe that scarcity will drive up the price of Bitcoin.
For now, the price of Bitcoin continues to be unpredictable, but the accumulation pattern by these whales is a clear indication of the trust that they have in the long-term prospects of this cryptocurrency as reported by Lookonchain.
