Whales Withdrew 21,400 BTC from Exchanges in One Week
Bitcoin (BTC) whales took action and pulled significant amounts of BTC from exchanges last week. Amid the Bitcoin price rally to over $73,000, BTC whales attempted to realize their profits and withdrew 21,000 BTC this week.
Bitcoin Whales Withdrew Large BTC Reserves from Exchanges
Crypto analyst Ali Martinez recently covered X and revealed significant Bitcoin whale activity. He noted that a staggering 21,401 BTC were withdrawn from crypto exchanges during this week to cash out the profits from the rise in BTC price.
The impact of this whale activity was especially evident on Thursday, March 14, when a staggering $752 million worth of Bitcoin was withdrawn from crypto exchanges. This was the highest single-day withdrawal since May 2023, according to Into The Block data.
Moreover, the consequences of this mass pullback were quickly felt, with the price of Bitcoin experiencing a significant crash on Friday, March 15. BTC fell over 7% and the bearish trend spread across the entire crypto market. Additionally, Thursday’s hot PPI report accelerated the decline.
Additionally, according to Coinglass data, only $1.81 million worth of BTC is currently available on exchanges. This underscores the importance of the Bitcoin supply shock. However, in a positive development, the network witnessed the emergence of 13 new whales holding over 1,000 BTC. On the other hand, the decline in Bitcoin price continued today.
Also Read: How Far Could Bitcoin Price Drop Amid Market Correction?
BTC Price Extends Decline
Bitcoin price fell below the $65,000 level; This marks a decline of over 13% from the all-time high of $73,836 reached this week. As of press time, the Bitcoin price fell 6.28% to $64,909.21 on Game 17 Sunday. The market value of BTC was at 1.27 billion dollars.
Additionally, Bitcoin’s 24-hour trading volume decreased by 15.78% to $51.16 billion. However, despite the recent decline, BTC’s 1-month gain remained above 25%. The recent bearish trend was also triggered by massive long liquidations.
Coinglass data reveals that $145.34 million in Bitcoin liquidations were recorded in the last 24 hours. Of this, liquidations of $125.81 million were long positions, which may have influenced the recent Bitcoin price crash. Short investors did not initiate significant liquidations and profited from the downtrend.
Also Read: Bitcoin (BTC) Price Drops to $65K, Liquidations Increase to $426 Million
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