Wednesday, October 4, 2023

Bitcoin Whales Move BTC Off Exchanges, How Will It Affect Prices?

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Bitcoin’s (BTC) price has been under tremendous pressure this week. BTC’s price even slid below the $40,000 price level on Thursday morning.

Amid this negative price action, BTC whales are moving huge amounts of the token off exchanges. As per Whale Alert, over $1.8 billion worth of 45,000 BTC tokens were transferred from the crypto exchanges.

Tokens being moved-off exchange usually signal a rise in prices, as active supply reduces. This could indicate that token, which appears to have found a bottom at $40,000, could be primed for a jump.

Over 40K BTC moved from Coinbase

The Bitcoin prices have seen a decline of over 2.5% in the past 24 hours. With the decline in the price, BTC’s Whale transactions have registered a steep increase. According to Whale Alert, over $1.62 billion worth of 40.47K Bitcoins has left Coinbase’s platform to various sources in the last 24 hours. Out of this, around 32,800 BTCs were transferred to some unknown wallet addresses.

Meanwhile, 5.6K Bitcoins (approx $200 million) and 2K Bitcoins (approx $80 million) were transferred from Coinbase to Gemini and Bitfinex, respectively. This doesn’t end here, as Gemini and Xapi also moved 5,001 and 940 Bitcoins, respectively.

This is not the first time that whales have moved such a huge amount of Bitcoin tokens in a market crash. April is also following the same trend as March did. Around $1.2 billion worth of BTC tokens left Coinbase just in a week of March.

$1.9 bln worth of BTC left crypto market

Glassnode data showed that around $1.9 billion worth of Bitcoins has left the Crypto market in the last 24 hours. On the other hand, $972 million worth of BTCs were purchased in the same. As per the data, Bitcoin’s Netflow stands at a negative $926 million.

Bitcoin prices have been on a decline by over 8% in the last 7 days. Terra community The Luna Foundation Guard (LFG) also appears to be buying the dip. In the last 24 hours, LGF has added another 124 BTC, bringing its total holdings to $1.71 billion worth of 42,530.8 Bitcoins.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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