Bitcoin Soars Past $59,000 as Whales Buy Big

Whale Withdrawals from Bitfinex Fuel Rally

Bitcoin has surged above $59,000 as large investors, known as “whales,” have been withdrawing significant amounts of BTC from the cryptocurrency exchange Bitfinex.

Whales Pull $240 Million from Bitfinex

Analyst James Van Straten has noted that the recent surge in Bitcoin’s price towards $60,000 is partly due to the large outflows from Bitfinex.

Positive Sign for Bitcoin

Typically, large exchange inflows can indicate selling pressure. However, outflows can suggest that investors are holding onto their coins or buying new ones. In the case of Bitfinex, the outflows are particularly bullish because, according to Straten, the whales on this exchange are considered “smart money.”

Profit-Taking Concerns

While the trend on Bitfinex is positive, the overall market may not be as rosy. Analysts have observed a surge in Bitcoin inflows to spot exchanges, which could indicate profit-taking. However, it’s important to note that the smart money whales have been supporting the coin throughout this rally.

Bitcoin Price Action

Bitcoin has been steadily approaching $60,000, with a 4% gain in the past day.