🚀Bitcoin Whales Accumulate: Here's How Much BTC They Got From Exchanges
Bitcoin started the week at a fresh all-time high of $73,780 before falling 12% to below $65,000. Crypto data researchers have seen big Bitcoin withdrawals from key exchanges amid uncertainty, suggesting that large investors expect price increase.
According to crypto researcher Ali Martinez's social media post, 13 new whales with over 1,000 BTC apiece reduced crypto exchange BTC balances by over 21,400 in the previous week.
After reaching a record $73,700 last week, Bitcoin has failed to rise over the price level. The new all-time high may have prompted investors to take profits. On-chain and exchange statistics show some investors, especially major ones, are still positive on Bitcoin.
Crypto expert Ali Martinez posted on X about this bull accumulation trend. Since mid-January, exchange BTC has fallen, according to a Glassnode graphic given by the analyst. The overall BTC balance briefly rose in the first few days of March before falling again on March 5. Over the previous week, 21,401 BTC left crypto exchanges.
Crypto monitoring site IntoTheBlock also saw this outflow over the week. ITB reports that BTC withdrawals from crypto exchanges peaked on March 15 this year. Today, $750 million in Bitcoin was withdrawn, the most since May 2023.
Over $750m BTC was withdrawn yesterday, the most since May 2023. The bulk of withdrawals come from Bitfinex ($524m) and Kraken ($130m). pic.twitter.com/8d3eIJROhv
Since January, substantial money has moved through the Bitcoin ecosystem, driving up its price. This surge has stalled, causing a price fall and the worst market attitude against BTC since December 2023. Bitcoin fell 3.44% to $68,201 in the previous week.
After a big price spike, the market usually slows down to consolidate and determine what to do next. Bitcoin is still rising despite a slowdown.
The enormous quantities of Bitcoin taken from exchanges suggest whales are preparing for a surge. Bitcoin is rallying, up 5% in 24 hours.
$BTC #HotTrends #BTC #BNBChainSunset #BOME #IDV