On Wednesday, cryptocurrency exchanges saw a massive outflow of over 17,000 BTC, which translates to more than $1.6 billion based on current market prices of ~$98,600, according to Glassnode data provided by Andrew Dragosch, the head of research at Bitwise.
This event marks the largest single-day withdrawal of Bitcoins since April 2024.
- Highlights:
- A significant number of Bitcoins leaving centralized exchanges is typically viewed as a bullish signal, suggesting that whales are making substantial purchases of the asset.
- On that day, Coinbase specifically reported withdrawals exceeding 15,000 BTC. This behavior indicates that investors are likely securing direct management of their coins for long-term holding, which is often interpreted as a positive market sentiment.
Importantly, Dragosch noted:
“Whales are buying this dip.”
Translation: Major investors are taking advantage of lower prices to acquire more assets.
Furthermore, Coinbase’s withdrawal patterns hinted at possible institutional purchases, possibly by major players such as ETFs or MicroStrategy. Data from CryptoQuant showed a total negative flow of 47,000 BTC across all exchanges that day.
Additionally, Bitcoin prices dipped below $96,800 during late trading hours but rebounded after Eric Trump encouraged a crypto platform associated with his family to invest in Bitcoin.
