Bitcoin has been on a rollercoaster ride lately, hitting a record high of $73,780 and then dropping 12% to below $65,000. But behind the scenes, something interesting is happening: big investors, known as whales, are pulling massive amounts of Bitcoin off exchanges.
Whales Withdraw Bitcoin
According to crypto analyst Ali Martinez, over 21,400 Bitcoin were withdrawn from exchanges in the past week. This suggests that whales believe the price will continue to rise.
New Whales Emerge
Not only are whales withdrawing Bitcoin, but 13 new whales have also been created, each holding over 1,000 Bitcoin. This further supports the idea that large investors are bullish on Bitcoin.
Outflow Pattern
The outflow of Bitcoin from exchanges has been consistent since mid-January. On March 15th, the highest amount of Bitcoin was withdrawn this year, worth over $750 million.
What Does This Mean for Bitcoin?
Despite the recent price correction, the overall trend for Bitcoin remains positive. The fact that whales are accumulating Bitcoin suggests they expect the price to continue rising.
Recent Rally
Bitcoin is currently showing signs of a rally, with a 5% increase in the past 24 hours. This could be a sign that whales are preparing for a continued bull run.
