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. <\/p>\n
Ali Martinez, a crypto analyst, recently took to X and revealed significant Bitcoin whale activity. He noted that a staggering 21,401 BTC has been pulled out of crypto exchanges during this week to cash out the BTC price rally profits. <\/p>\n
The impact of this whale activity became particularly pronounced on Thursday, March 14, when a staggering $752 million worth of Bitcoin was withdrawn from crypto exchanges. This marked the highest single-day withdrawal since May 2023, according to data from Into The Block. <\/p>\n
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. <\/p>\n
Furthermore, according to Coinglass data, only $1.81 million worth of BTC is available on exchanges currently. This underscores the importance of 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. On the other hand, the Bitcoin price decline continued today. <\/p>\n
Also Read:How Low Bitcoin Price May Plunge Amid Market Correction? <\/p>\n
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. <\/p>\n
In addition, the 24-hour trade volume for Bitcoin plummeted 15.78% to $51.16 billion. However, despite the recent downturn, BTCs 1-month gains stand at over 25%. The latest bearish turn was also catalyzed by the massive long liquidations. <\/p>\n
Coinglass data reveals that $145.34 million Bitcoin liquidations were recorded in the past 24 hours. Out of this, $125.81 million liquidations were long positions, which could have influenced the recent Bitcoin price crash. Whilst, short traders didnt initiate significant liquidations and profited from the bearish trend. <\/p>\n
Also Read:Bitcoin (BTC) Price Slumps To $65K, Liquidations Tops $426M <\/p>\n
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Bitcoin Whales Pull Out Over 21400 BTC From Exchanges In A Week - CoinGape<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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. Ali Martinez, a crypto analyst, recently took to X and revealed significant Bitcoin whale activity Continue reading