Tomiwabold Olajide
Bitcoin whales’ balance has also increased by 220,000 BTC this year
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According to crypto analyst Ali, nearly 111,000 Bitcoin (BTC) worth around $7.55 billion were removed from popular crypto exchange wallets last month.
This trend highlights a gradual decline in BTC supply on exchanges over the past few months, suggesting an exodus from cryptocurrency exchanges.
A likely explanation for the Bitcoin exodus is that more and more investors prefer to store their Bitcoins in private wallets rather than on exchanges.
Additionally, institutional Bitcoin adoption has accelerated recently. These institutional investors may want to secure their holdings in private wallets or cold storage for long-term purposes.
Withdrawing such a large amount of Bitcoin from exchanges could potentially lead to a supply shortage, where demand for BTC exceeds available supply. This scenario could pave the way for a bullish rally.
In a tweet on April 4, Ali reported that 21,400 BTC, worth around $1.40 billion, were moved to accumulation addresses where no money had ever been spent in a single day.
Added 220,000 BTC to whale balance
On-chain analytics firm IntoTheBlock reports that Bitcoin ETFs have accumulated more than 4% of BTC supply in less than three months.
The amount of Bitcoin held by addresses with 1,000 BTC or more, so-called “whales,” has increased dramatically since the launch of the ETFs, with the total balance of whale addresses reaching its highest level since June 2022.
This year, whale holdings have increased by 220,000 BTC, with a total value of $14.2 billion. 210,000 of these BTC came from net inflows into ETFs, which have driven the majority of whales' holdings. This has pushed Bitcoin to new all-time highs and contributed to increased demand for crypto assets.
At the time of writing, BTC was up 2.23% in the last 24 hours to $69,286.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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