Bitcoin (BTC) whales have been on the move, withdrawing a substantial amount of BTC from exchanges over the past week. Amid the Bitcoin price surge past $73,000, BTC whales sought to realize their profits and withdrew over 21,000 BTC this week.
Bitcoin Whales Withdraw Massive BTC Reserve From Exchanges
Ali Martinez, a crypto analyst, recently took to X and revealed significant BTC whale activity. He noted that a staggering 21,401 BTC has been pulled out of crypto exchanges during this week to cash out the Bitcoin price rally profits.
The impact of this whale activity became particularly pronounced on Thursday, March 14, when a staggering $752 million worth of BTC was withdrawn from crypto exchanges. This marked the highest single-day withdrawal since May 2023, according to data from Into The Block.
Moreover, the consequences of this mass withdrawal were swiftly felt as the Bitcoin price experienced a notable crash on Friday, March 15. BTC crashed over 7% and the bearish trend was spilled all over the crypto market. In addition, the hot PPI report on Thursday expedited the fall. Furthermore, according to Coinglass data, only $1.81 million worth of BTC is available on exchanges currently. This underscores the importance of a Bitcoin supply shock.
However, on a positive note, the network has witnessed the emergence of 13 new whales with holdings of over 1,000 BTC. This influx of new large-scale investors suggests a growing interest in Bitcoin among large players. On the other hand, the Bitcoin price decline continued today.
BTC Price Extends Decline
The Bitcoin price fell lower than the $65,000 level, indicating a plunge of over 13% from its all-time of $73,836 attained this week. As of writing, the Bitcoin price crashed 6.28% to $64,909.21 on Sunday, Match 17. Whilst, the BTC market cap stood at $1.27 billion.
In addition, the 24-hour trade volume for Bitcoin plummeted 15.78% to $51.16 billion. However, despite the recent downturn, BTC’s 1-month gains stand at over 25%. The latest bearish turn was also catalyzed by the massive liquidations.
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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