Bitcoin Whales Enter Full Accumulation Mode: Here’s How Much BTC They Pulled From Exchanges
March 18 2024 - 6:00PM
NEWSBTC
The Bitcoin price movement last week revealed a series of ups and
downs, from starting the week at a new all-time high of
$73,780 to crashing 12% in the days after to reach below $65,000.
Crypto data analysts have spotted massive amounts of Bitcoin being
withdrawn from major exchanges during the period of uncertainty,
indicating that large investors anticipate further price
appreciation. According to a social media post by crypto
analyst Ali Martinez, the total BTC balance on crypto exchanges
fell by over 21,400 in the past week, with the creation of 13 new
whales, each holding over 1,000 BTC. BTC Withdrawal From Exchanges
Bitcoin crossed over $73,700 last week to register a new all-time
high but has struggled to gain a footing above the price level.
Interestingly, it would seem the new all-time high sparked a wave
of profit-taking from some investors. However, on-chain and
exchange data indicate Bitcoin is still undergoing a bullish
sentiment from some investors, particularly large investors.
Related Reading: XRP Records Massive 80% Surge In Trading Volume –
Can Price Reach A New ATH? Crypto analyst Ali Martinez noted this
bull accumulation pattern in a post on his social media platform X.
According to a Glassnode chart shared by the analyst, the total
amount of BTC on exchanges has been on a free-fall since the middle
of January. Notably, the total BTC balance saw a brief increase in
the first few days of March before resuming a free-fall on March 5.
In the past week alone, 21,401 BTC were moved off crypto
exchanges. As the #Bitcoin bull run momentarily pauses, it’s
noteworthy that 21,401 #BTC have been moved off crypto exchanges
over the past week, and the network has welcomed 13 new whales,
each holding over 1,000 $BTC. pic.twitter.com/oSXaKBR4Z1 — Ali
(@ali_charts) March 16, 2024 Similarly, the crypto analytics
platform IntoTheBlock noted this outflow pattern during the week.
According to ITB, BTC withdrawal from crypto exchanges reached its
highest point this year on March 15. Interestingly, $750 million
worth of Bitcoin was withdrawn on this day, the highest since May
2023. Over $750m $BTC was withdrawn from exchanges yesterday, the
highest since May 2023. The majority of these withdrawals originate
from Bitfinex ($524m) and Kraken ($130m) pic.twitter.com/8d3eIJROhv
— IntoTheBlock (@intotheblock) March 15, 2024 What Does This Mean
For Bitcoin? The Bitcoin ecosystem has witnessed serious money on
the move since the beginning of the year, leading to a strong price
surge for the cryptocurrency. However, this rally has since slowed
down to spark a price correction, with market sentiment reaching
the most negative sentiment toward BTC since December 2023. Bitcoin
is currently trading at $68,201, down by 3.44% in the past seven
days. Related Reading: Crypto Pundit Says God Candle Is
Imminent For This Solana-Based Meme Coin After such a strong surge
in price, it’s normal for the momentum to slow down as the market
consolidates and decides on the next move. While momentum has
slowed, the overall trend for Bitcoin remains bullish. Judging by
the massive amounts of Bitcoin pulled from exchanges recently, it
looks like whales are gearing up for a continued rally. Bitcoin is
now showing signs of a rally, and is now up by 5% in the past 24
hours. BTC price crashes as trading week opens | Source:
BTCUSD on Tradingview.com Featured image from Business Today, chart
from Tradingview.com
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