Whales Withdraw 21,400 BTC From Exchanges in a Week

Bitcoin whales have been active recently, withdrawing over 21,000 bitcoins amidst a surge in Bitcoin’s price, reaching nearly $73,000.

Over the past week, Bitcoin (BTC) whales have been active, in the sense that they have removed a significant quantity of BTC from trade platforms.

This week, Bitcoin whales attempted to cash out their riches by withdrawing more than 21,000 bitcoins when the price of Bitcoin had risen to almost $73,000.

A cryptocurrency expert named Ali Martinez recently made a statement on X in which he disclosed massive Bitcoin whale behavior.

Bitcoin Whales Withdraw Massive BTC Reserve From Exchanges

He observed that an astounding 21,401 bitcoins had been removed from cryptocurrency exchanges over the past week to cash out profits from the Bitcoin price surge.

On Thursday, March 14, cryptocurrency exchanges removed a stunning amount of Bitcoin worth $752 million, dramatically increasing the impact of this whale activity.

According to data provided by Into The Block, this was the most significant single-day withdrawal since May 2023. In addition, the repercussions of this widespread withdrawal were immediately felt, as seen by the significant decline in the price of bitcoin that occurred on Friday, March 15.

The BTC price dropped by more than 7%, and the pessimistic trend spread throughout the cryptocurrency market. Furthermore, the release of the hot PPI report on Thursday accelerated the slump.

Furthermore, according to the statistics provided by Coinglass, there is presently only about 1.81 million dollars worth of Bitcoin available on exchanges.

This phenomenon highlights the significance of the Bitcoin supply shock. A positive development, on the other hand, is that the network has seen the rise of 13 new whales who have holdings of more than one thousand bitcoins.

On the other hand, the price of Bitcoin continued to fall throughout the day. The price of Bitcoin fell below the $65,000 threshold, indicating a drop of more than 13% from its all-time high of $73,836 this week.

As this article is being written, the price of Bitcoin dropped by 6.28% to $64,909.21 on Sunday, Match 17. At that time, the total value of the Bitcoin market was $1.27 billion.

Additionally, the 24-hour trade volume for Bitcoin dropped by 15.78%, reaching $51.16 billion. Despite the decline, Bitcoin’s gains over the past month have been above 25 percent.

Both the enormously long liquidations and the most recent bearish move were factors that contributed to the turn. Coinglass provided statistics showing that cryptocurrency liquidations totaling $145.34 million occurred in the past twenty-four hours.

A total of $125.81 million of these liquidations were long bets, which may have contributed to the recent decline in Bitcoin price. The bearish trend was profitable for short traders, who did not undertake significant liquidations but benefited from it.