During the price crash of Bitcoin (BTC) last weekend, a total of approximately 100,000 Bitcoins were withdrawn from cryptocurrency exchanges. With this, roughly $ 1.2 billion has been taken from the crypto exchanges, and this is a bullish sign.
Lowest number of BTC measured on exchanges
This is evident from data from the on-chain monitor ‘CryptoQuant’. They tracked the BTC balances taken from various exchanges after the price of BTC fell by about $ 1,200 in minutes.
During this period, the total amount of BTC on the various exchanges has decreased from 2.49 million BTC (worth € 24.62 billion) to 2.39 million BTC (worth € 23.61 billion). This is the lowest number of BTC ever measured by CryptoQuant.
Analyst Cole Garner has indicated that this change indicates that the mood of the various crypto whales who have contributed to this is particularly optimistic. For example, they have largely bought up the gigantic sell-off of Bitcoin themselves. With this they indicate that they have enormous confidence in the number 1 cryptocurrency.
Anticipation of BTC whales
However, it appears that the BTC whales already anticipated a possible price drop well in advance. A week earlier, more than 68,000 BTC went to various crypto exchanges, the majority of which reportedly went to the popular exchange. Binance was locked.
However, according to CryptoQuant, this could be a positive signal. A representative of the company said the following:
Even if it comes from Binance, it could be a bull signal. This could be because Binance has decided to reduce the number of hot wallets responsible for user withdrawal. ”
Said a representative of CryptoQuant
Bitcoin seems to be getting ready to retest and potentially break the $ 12,000 at this point. The current largest cryptocurrency is currently trading for just over $ 11,800, making big strides. Would you like to know more about this? Then click here to go to the relevant Newsbit article.