According to U.Today, a significant on-chain movement by Bitcoin (BTC) whales has been detected. On August 15, CryptoQuant reported that 42,790 BTC, valued at approximately $2.5 billion based on current prices, were withdrawn from cryptocurrency exchanges. This development occurs amid a period of sideways movement in the broader crypto market, with neutral market sentiment and no significant gains for Bitcoin or other cryptocurrencies. This scenario had led many investors to remain on the sidelines.
However, it appears that large investors, or whales, have decided to increase their BTC holdings. The outflows of 42,790 BTC from crypto exchanges indicate that whales have been buying the dips. This can be seen as a notable accumulation of Bitcoin, the largest cryptocurrency by market capitalization. Historically, rising exchange outflows have been a crucial metric for Bitcoin, often resulting in an upward trend for the coin. As more money is injected into the market, it typically pushes prices higher and sustains bullish sentiment.
As of the time of writing, Bitcoin's price stands at $58,408.31, reflecting a 0.56% dip in the last 24 hours and an 8.37% decline over the past 30 days. These figures highlight the stagnant momentum in the market in recent weeks, with Bitcoin failing to break the resistance level at $61,000 multiple times. Despite this, the recent whale activity suggests that large investors are supporting the coin by injecting more capital. This support could help Bitcoin sustain pressure and potentially clear the next resistance levels to reach higher prices.
