Whales Withdraw Massive Amounts, Signaling Potential Bullish Outlook

IconCryptoNewsTerminal Staff02 Aug, 2024

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Whales Withdraw Massive Amounts, Signaling Potential Bullish Outlook

Large holders of Bitcoin (BTC), known as whales, have been actively withdrawing their crypto from exchanges at an accelerated rate not seen since 2015. According to data from Glassnode, whale addresses holding over 1,000 BTC have been moving their assets away from exchanges. In July alone, these whales withdrew approximately 84,000 BTC. This recent surge in whale withdrawals has been the highest since 2015, when the price of BTC was around $220. As of August 1, there were 1,651 whale addresses holding more than 1,000 BTC, showing a significant increase from 1,498 addresses at the beginning of the year. Elja, a renowned cryptocurrency investor, believes this trend could indicate that a bullish period may be on the horizon. He suggests that BTC may have established a new bottom and could soon experience a significant upward movement.

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