Bitcoin’s price recently jumped after Easter, and while it’s holding steady above $94,000, some momentum seems to be slowing. Interestingly, a lot of Bitcoin is leaving major exchanges. Let’s dive into the details.
Big Bitcoin Withdrawals
Crypto analysts have noticed a significant amount of Bitcoin leaving major exchanges like Binance and Coinbase.
Binance: A whopping 27,750 BTC (around $2.63 billion!) was withdrawn from Binance on Friday, April 25th. This is one of the biggest withdrawals in Binance’s history.
Coinbase: Coinbase also saw a substantial outflow of over 7,000 BTC (roughly $66.5 million).
What Does This Mean?
Moving Bitcoin off exchanges usually means investors are feeling confident about the long-term outlook. They’re essentially taking their Bitcoin “offline” and storing it in their own wallets, reducing reliance on exchanges. This is often seen as a bullish signal.
However, it’s not a guaranteed price rocket. Analyst João Wedson points out that massive withdrawals didn’t stop the price crash after China’s crypto ban in 2021. Conversely, sustained withdrawals, like those seen during the FTX collapse, did precede a price recovery. The key is to look at the overall trend, not just single-day movements.
Analyst Amr Taha suggests that these large outflows from Coinbase, a popular exchange for US institutions, could indicate institutional buying. If this is combined with increased demand or ETF inflows, it could lead to a supply squeeze, potentially driving the price up.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading just below $95,200, up almost 2% in the last 24 hours.
