Bitcoin Whales Withdraw Over 21,400 BTC from Exchanges in One Week
This week, Bitcoin whales significantly moved the market by withdrawing over 21,400 Bitcoins from cryptocurrency exchanges, capitalizing on the recent price surge. These major players in the Bitcoin ecosystem have been particularly active, removing a substantial amount of Bitcoin from trading platforms amid a price increase from $73,000. Their actions were aimed at realizing profits following this uptick, with over 21,000 Bitcoins withdrawn this week alone. Cryptocurrency analyst Martinez recently highlighted this notable whale activity on social media platform X, revealing that exactly 21,401 Bitcoins were moved off digital currency exchanges within the week to lock in the price gain benefits.
The impact of this whale activity became especially evident on Thursday, March 14, when Bitcoin was withdrawn from digital currency exchanges amounting to a staggering $752 million. According to Into The Block data, this marked the highest single-day withdrawal since May 2023. Furthermore, the massive withdrawal’s consequences were swiftly felt as Bitcoin’s price experienced a significant drop on Friday, March 15, plunging over 7% and triggering a downtrend across the crypto market. This drop was accelerated by the release of a hot PPI report on Thursday, intensifying the fall.
Moreover, current data from Coinglass shows a mere 1.81 million dollars’ worth of Bitcoin remaining on exchanges, highlighting the significance of this supply shock. However, on a positive note, the network has seen the emergence of 13 new whales, each holding over 1,000 Bitcoins. On the flip side, the price of Bitcoin continued to decline today, falling below the $65,000 mark, representing a drop of over 13% from its peak of $73,836 earlier in the week. As of this writing, Bitcoin’s price has fallen to $64,909.21 on Sunday, with a market value of $1.27 billion.
In addition, Bitcoin’s 24-hour trading volume decreased by 15.78% to $51.16 billion. Despite the recent downturn, Bitcoin’s one-month gain remains over 25%. The latest downward trend was also catalyzed by significant long position liquidations, with Coinglass data indicating $145.34 million worth of Bitcoin liquidations in the past 24 hours, including $125.81 million from buy positions, which could have influenced the recent price drop. Meanwhile, short-term traders did not initiate significant liquidations but instead profited from the downward trend.
