Bitcoin Whales Remove A Staggering $2.3 Billion From Exchanges, Is It Time To Buy?
March 25 2024 - 12:00PM
NEWSBTC
Bitcoin whales have been very active in the past few days as the
crypto continues to trade below $68,000. Notably, on-chain data has
shown a trend of accumulation among Bitcoin whales, with large
bouts of the cryptocurrency leaving crypto exchanges into private
wallets. These massive transfers appear to have piqued the
interest of a few investors who are keeping a watchful eye, as this
accumulation pattern points to a price increase up ahead.
According to various posts by whale transaction tracker Whale
Alerts, Bitcoin whales have recently transferred $2.3 billion worth
of BTC in a span of 24 hours, indicating their bullish sentiment.
Similarly, crypto analyst Ali Martinez recently revealed that over
25,000 BTC worth approximately $1.60 billion had been transferred
into accumulation addresses. Bitcoin Whale Accumulation Signal
Price Surge Ahead Bitcoin has largely traded below $69,000 since
March 15, struggling to regain the momentum that saw it shooting
past $70,000 earlier in the month. Interestingly, Bitcoin fell to
as low as $61,766 last week, representing a 16% decline from its
all-time high. Related Reading: Dogecoin Whales Go On Massive
Buying Spree, Here’s How Much They’ve Bought Meanwhile, Spot
Bitcoin ETFs saw consistent outflows throughout the week which was
spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s
IBIT and Fidelity’s FBTC. This decline became much of a concern for
investors as it signaled the bullish sentiment surrounding BTC
might finally be coming to an end. However, on-chain data is now
telling a different tale of a strong bullish sentiment from Bitcoin
whales. Data from Whale Alerts show large amounts of BTC leaving
crypto exchanges, one of which was a transfer of 8,136 BTC worth
$517 million from Coinbase into a new private wallet. Shortly
after, 8,172 BTC worth $519 million were transferred from Coinbase
into another new private wallet. Interestingly, the different
alerts from the whale tracker added up to $2.3 billion worth of BTC
to and from crypto exchanges on March 22. Analyst Ali
Martinez noted that these transfers added up to $1.6 billion being
added into accumulation addresses, the largest inflow so far this
year. Yesterday, over 25,000 #Bitcoin, valued at
approximately $1.60 billion, were transferred to accumulation
addresses, marking the highest inflow to these $BTC wallets so far
this year! pic.twitter.com/mAIHkG9ROC — Ali (@ali_charts) March 23,
2024 According to CryptoQuant data, this accumulation trend has
seen the Bitcoin reserves on exchanges on a downtrend since March
21. At the time of writing, the Bitcoin exchange reserve is at 1.98
million BTC. Related Reading: Ethereum Sees Notable Rise In
Daily Activity, But Why Is Price Down? Basically, whale
accumulation tends to swing the balance into bullish among other
traders. Fundamentals surrounding Bitcoin like the upcoming halving
point to price growth in the near future, making it an ideal time
for investors to position themselves in the market. At the
time of writing, Bitcoin is trading at $67,478. A key price level
to watch is $69,000. If Bitcoin breaks above this resistance level,
it could continue surging higher with the accumulation trend. BTC
price at $67,000 | Source: BTCUSD on Tradingview.com Featured image
from GoBankingRates, chart from Tradingview.com
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