MEXCBitcoin Whales Move BTC Off Exchanges, How Will It Affect Prices?
Bitcoin’s (BTC) price has been under tremendous pressure this week. BTC’s price even slid below the $40,000 price level on Thursday morning.
Amid this negative price action, BTC whales are moving huge amounts of the token off exchanges. As per Whale Alert, over $1.8 billion worth of 45,000 BTC tokens were transferred from the crypto exchanges.
Tokens being moved-off exchange usually signal a rise in prices, as active supply reduces. This could indicate that token, which appears to have found a bottom at $40,000, could be primed for a jump.
Over 40K BTC moved from Coinbase
The Bitcoin prices have seen a decline of over 2.5% in the past 24 hours. With the decline in the price, BTC’s Whale transactions have registered a steep increase. According to Whale Alert, over $1.62 billion worth of 40.47K Bitcoins has left Coinbase’s platform to various sources in the last 24 hours. Out of this, around 32,800 BTCs were transferred to some unknown wallet addresses.
Meanwhile, 5.6K Bitcoins (approx $200 million) and 2K Bitcoins (approx $80 million) were transferred from Coinbase to Gemini and Bitfinex, respectively. This doesn’t end here, as Gemini and Xapi also moved 5,001 and 940 Bitcoins, respectively.
This is not the first time that whales have moved such a huge amount of Bitcoin tokens in a market crash. April is also following the same trend as March did. Around $1.2 billion worth of BTC tokens left Coinbase just in a week of March.
$1.9 bln worth of BTC left crypto market
Glassnode data showed that around $1.9 billion worth of Bitcoins has left the Crypto market in the last 24 hours. On the other hand, $972 million worth of BTCs were purchased in the same. As per the data, Bitcoin’s Netflow stands at a negative $926 million.
Bitcoin prices have been on a decline by over 8% in the last 7 days. Terra community The Luna Foundation Guard (LFG) also appears to be buying the dip. In the last 24 hours, LGF has added another 124 BTC, bringing its total holdings to $1.71 billion worth of 42,530.8 Bitcoins.
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
