Bitcoin Whales Move $2.5B Worth of BTC Out of Exchanges, Signaling a Bullish Trend
- WBOYOriginal
- 2024-08-17 00:19:10958browse
A major move by Bitcoin (BTC) whales has just been detected on-chain. According to CryptoQuant, 42,790 BTC were moved out of crypto exchanges on Aug.
Major crypto whale movements have been detected on-chain. Specifically, 42,790 BTC were moved out of crypto exchanges on Aug. 15. This outflow is valued at roughly $2.5 billion based on the current Bitcoin price.
The movement is significant as it coincides with sideways trends in the broader crypto market. Market sentiment has been largely neutral during this time, with no substantial gains being recorded by Bitcoin or other coins. This scenario has been driving investors to remain on the sidelines.
However, it appears that large investors, or whales, have opted to increase their BTC holdings. The outflow of 42,790 BTC from crypto exchanges suggests that whales have been buying the dips. This movement can be viewed as a substantial whale accumulation of the leading coin by market capitalization.
Historically, rising exchange outflows have served as a key metric for Bitcoin. They usually indicate an upward trend for the coin. As more capital is infused into the market, it tends to drive prices higher and put bears in control. Overall, it can sustain bullish sentiment in the market.
What does it mean for BTC's price?
At the time of writing, the price of Bitcoin is at $58,408.31, following a decrease of 0.56% in the last 24 hours. Notably, the coin has seen a price decline of 8.37% in the last 30 days. These figures highlight the stagnant momentum in the market in recent weeks. It showcases how the BTC price has struggled to reach the next highs.
Specifically, it has failed to cross the resistance at $61,000. Over the last few weeks, the market has seen Bitcoin fail to clear this level on multiple occasions. However, whales are now stepping in to support the coin by infusing it with more capital. Thus, it is possible that they could help BTC sustain this pressure and clear the next resistance levels to reach for higher highs.
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