Around $1 Billion Worth of Bitcoin Withdrawn from Exchanges as Whales Accumulate Ethereum and XRP
A popular crypto analyst reveals that nearly $1 billion worth of Bitcoin (BTC) has been withdrawn from crypto exchanges in the past few weeks, while deep-pocketed investors are simultaneously accumulating Ethereum (ETH) and XRP.
The analyst, Ali Martinez, shares on Twitter that large amounts of BTC have been pulled out of exchange wallets over the last two weeks, totaling around 25,000 BTC.
Martinez also notes that high-net-worth traders have shifted their focus to Ethereum. For the first time in nine months, these whales have been steadily accumulating ETH for nine consecutive days, indicating a potential bullish price action for the cryptocurrency.
In addition, crypto whales have been buying millions of dollars’ worth of XRP during the past week. On-chain data reveals that these whales have acquired approximately 11 million XRP, equivalent to around $6.82 million.
At the time of writing, Bitcoin is trading at $37,215, Ethereum at $2,047, and XRP at $0.612.
Hot Take: Crypto Whales Shift Focus to Ethereum and XRP
Recent data suggests that crypto whales are withdrawing significant amounts of Bitcoin from exchanges while accumulating Ethereum and XRP. This trend indicates a potential bullish market for both Ethereum and XRP. As deep-pocketed investors increase their holdings of these altcoins, it could lead to a surge in their prices. This shift in attention from Bitcoin to Ethereum and XRP highlights the evolving dynamics of the crypto market and the changing investment strategies of large-scale crypto traders. It will be interesting to see how this trend plays out and whether it will have a lasting impact on the broader cryptocurrency market.
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