Whales Continue to Accumulate Bitcoin, Withdrawing $2.53 Billion from Exchanges
CryptoNewsTerminal Staff31 May, 2024
Whales Continue to Accumulate Bitcoin, Withdrawing $2.53 Billion from Exchanges
Massive Whale Moves Send $2.53 Billion Worth of BTC Out of Exchanges in Last 72 Hours Cryptocurrency analyst and trader Ali Martinez reported that "Over the last 72 hours a total of 37,000 BTC (2.53B USD) have left centralized exchanges." This significant outflow of Bitcoin from exchanges suggests that whales, or large investors, are continuing to accumulate the asset. Notably, Bitcoin has been on a bullish run recently, reaching its highest value since May this year. Whales are often viewed as influential figures in the cryptocurrency market, and their actions can significantly impact the price of Bitcoin. The recent accumulation trend indicates that they are confident in the long-term prospects of Bitcoin and are positioning themselves to profit from future price rises. This latest outflow of BTC from exchanges is part of a broader trend of whale accumulation. In recent months, whales have been steadily increasing their Bitcoin holdings, indicating their belief that the asset is undervalued and has the potential for significant growth in the future.
