Bitcoin (BTC) whales have been on the move, withdrawing a significant amount of BTC from exchanges over the past week. Amid the Bitcoin price surge to over $73,000, BTC whales tried to realize their profits and withdrew over 21,000 BTC this week.
Bitcoin whales are withdrawing huge BTC reserves from exchanges
Ali Martinez, a crypto analyst, recently went to X and revealed significant Bitcoin whale activity. He noted that a staggering 21,401 BTC were withdrawn from crypto exchanges this week to cash out profits from the BTC price rally.
The impact of this whale activity was particularly evident on Thursday, March 14, when a staggering $752 million worth of Bitcoin was withdrawn from crypto exchanges. According to data from Into The Block, this was the highest single-day withdrawal since May 2023.
Furthermore, the consequences of this mass withdrawal were quickly felt as the Bitcoin price experienced a significant crash on Friday, March 15th. BTC plunged over 7% and the downtrend spread to the entire crypto market. Additionally, Thursday's hot PPI report accelerated the decline.
Additionally, only $1.81 million worth of BTC is currently available on exchanges, according to data from Coinglass. This highlights the importance of the Bitcoin supply shock. On a positive note, however, the network has observed the emergence of 13 new whales with holdings of over 1,000 BTC. On the other hand, the Bitcoin price decline continued today.
Also Read: How Low Could Bitcoin Price Fall Amid a Market Correction?
BTC price extends decline
Bitcoin price fell below $65,000, down over 13% from its all-time high of $73,836 this week. At the time of writing, Bitcoin price plunged 6.28% to $64,909.21 on Sunday, Matchday 17. The BTC market capitalization, however, was $1.27 billion.
Additionally, the 24-hour trading volume for Bitcoin fell by 15.78% to $51.16 billion. However, despite the recent downturn, BTC’s 1-month gains are over 25%. The recent bearish reversal was also triggered by the massive long liquidations.
Coinglass data shows that $145.34 million worth of Bitcoin liquidations were recorded in the last 24 hours. Of these, $125.81 million in liquidations were long positions, which may have influenced the recent Bitcoin price decline. Short traders, on the other hand, did not initiate any significant liquidations and benefited from the bearish trend.
Also Read: Bitcoin (BTC) Price Falls to $65,000, Liquidations Top $426 Million
✓ Share:
CoinGape consists of an experienced team of homegrown content writers and editors who work around the clock to report news worldwide and present news as fact, not opinion. CoinGape writers and reporters contributed to this article.
The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.