Bitcoin whales are currently in full accumulation mode as they withdraw significant amounts of BTC from exchanges. Last week, during a period of price volatility, over 21,400 BTC were pulled from major cryptocurrency exchanges. This withdrawal activity suggests that large investors are anticipating further price appreciation.
According to crypto analyst Ali Martinez, 13 new whales, each holding over 1,000 BTC, emerged during this period. This accumulation pattern is also evident from on-chain and exchange data, which show a continuous decrease in the total amount of BTC held on exchanges since mid-January. In the past week alone, 21,401 BTC were moved off exchanges.
The outflow of BTC from exchanges peaked on March 15, with over $750 million worth of Bitcoin being withdrawn. This is the highest outflow since May 2023. Notably, the majority of these withdrawals originated from Bitfinex and Kraken.
What does this mean for Bitcoin? Although the cryptocurrency experienced a strong rally earlier this year, the market sentiment has turned slightly negative, leading to a price correction. However, the overall trend for Bitcoin remains bullish. With whales accumulating BTC and the recent signs of a rally, it appears that they are preparing for further price increases. As of now, Bitcoin is up by 5% in the past 24 hours and is currently trading at $68,201.