Bitcoin Whales Take Profits and Withdraw BTC from Exchanges
In the midst of Bitcoinโs surge past $73,000, BTC whales have been making moves to secure their profits. Over the past week, these large holders of Bitcoin have withdrawn a significant amount of BTC from exchanges. According to crypto analyst Ali Martinez, a total of 21,401 BTC has been pulled out of crypto exchanges during this week alone.
The impact of this whale activity was particularly noticeable on Thursday, March 14, when a staggering $752 million worth of BTC was withdrawn from crypto exchanges. This marked the highest single-day withdrawal since May 2023, according to data from Into The Block.
Interestingly, the consequences of this mass withdrawal were quickly felt as the Bitcoin price experienced a notable crash on Friday, March 15. BTC dropped over 7%, causing a bearish trend throughout the entire crypto market. The release of the hot PPI report on Thursday also contributed to the fall.
Furthermore, Coinglass data reveals that there is currently only $1.81 million worth of BTC available on exchanges. This scarcity highlights the significance of the Bitcoin supply shock. However, it is worth noting that despite the decline in price, the network has seen the emergence of 13 new whales with holdings of over 1,000 BTC.
BTC Price Continues to Decline
The decline in Bitcoinโs price has extended further as it fell below the $65,000 level. This represents a plunge of over 13% from its all-time high of $73,836 reached earlier this week. As of now, the Bitcoin price has crashed by 6.28% to $64,909.21 on Sunday, March 17. The market cap for BTC currently stands at $1.27 billion.
In addition, the 24-hour trade volume for Bitcoin has plummeted by 15.78% to $51.16 billion. Despite the recent downturn, Bitcoin still holds a 1-month gain of over 25%. It is important to note that the latest bearish turn was also influenced by massive liquidations in the market.
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