- Unknown whales moving BTC off exchanges.
- The transactions are yet to affect the price movement of the asset.
- Increased whale activity and movement of BTC from exchanges might be a sign of underlying bullish sentiment.
Whale Alert and CryptoQuant have taken note of large BTC transactions from leading crypto exchanges to unknown wallets.
Billions In BTC Moved Out Of Exchanges
As ZyCrypto reported last week, Whale Alert data revealed that around 30k BTC had been moved from Coinbase Pro. The move happened in three quick transactions, each totaling nearly 10k BTC.
Today, over 6000 BTC has been repositioned from Coinbase, Binance, and Kucoin to unidentified wallets, making it noteworthy as pundits scan the horizons for any telltale signs.
It remains unclear if these are actual buys or just the exchanges moving money around. The move, despite its massive scale, is yet to have any impact on the price action of the asset with BTC still ranging. Data shows that exchange reserves have continued to decline over the last 2 months, remaining at multi-year lows. CryptoQuant data currently shows that the BTC reserves held by over 21 exchanges stand at 2.357 million.
Just a day before Biden’s executive order was signed, the third-largest Bitcoin whale added more BTC to its holdings. The unknown whale bought a total of 730 BTC over two transactions worth about $28 million at the time, taking holdings to about $5.3 billion.
Following the trend of increased whale activity, Whale Alert revealed that an over 11-year-old Bitcoin wallet became active once again. The wallet contains about 489 BTC and has not been active since 2010. At the moment, it appears there is an increased whale presence in the market.
Market Accumulation?
With exchange reserves at multi-year lows and today’s massive movement of BTC to private wallets, it signals a possible underlying bullish sentiment in the market in the long term. However, in the short term, the market continues to range. For a long time, the price has been stuck between $35k and $45k.
On Wednesday, Biden signed his executive order on cryptocurrencies. A step towards regulatory clarity in the nascent market was welcomed by many market participants. On the day, the markets responded quite favorably, with BTC moving upwards by about 9.5%, staying above the $42k price point. Anthony Scaramucci recently noted that the major ceiling on BTC aside from geopolitical concerns is regulatory ambiguity.
Bitwise Chief Investment Officer Matt Hougan informed CNBC TV that he expected the executive order to spark a year-long bull run. However, the asset has corrected from the highs of the order to currently trade at $39,650 on major exchanges and is down 2.53% in the last 7 days.
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