Bitcoin News Today: Bitcoin Whales Withdraw 20,360 BTC as Price Rises 2.45%

Large Bitcoin holders, often referred to as whales, have recently withdrawn approximately 20,360 BTC from exchanges, according to on-chain data from Checkonchain [1]. This significant off-exchange movement signals a shift in market dynamics, as whales are increasingly opting to store their holdings in private wallets rather than preparing for immediate sales. The Exchange Whale Ratio, as tracked by CryptoQuant, has fallen to a 12-day low of 0.43, further reinforcing the trend of reduced exchange activity among large holders [1].

Bitcoin’s price action has mirrored these on-chain developments. After dipping to a recent low of $111,000, the cryptocurrency rebounded to $117,421 before retracing to $115,411 [1]. As of the latest data, Bitcoin traded at $115,601, reflecting a 2.45% gain over the previous 24 hours. This upward pressure coincides with a sharp decline in Bitcoin’s weekly Spent Volume, which has dropped to 529K BTC per day, indicating that the initial wave of selling pressure has abated [1].

The reduction in selling activity is further supported by a decline in Realized Profit across different holder cohorts. Long-term holders realized only 7.2K BTC in profit, while short-term holders saw just 1.8K BTC in gains, despite the price rebound [1]. This suggests that the market may be entering a consolidation phase, with fewer incentives to sell at current price levels.

AMBCrypto’s analysis points to a negative Netflow of -$128 million for Bitcoin, highlighting aggressive accumulation by large holders [1]. Historical patterns indicate that such accumulation often precedes upward price movements, as whales absorb supply and reduce selling pressure. If this trend continues, Bitcoin could test the $117,000 resistance level and potentially move toward $119,600 [1]. However, should selling pressure return, the critical support zone at $112,000 may be retested [1].

The broader implications of this whale behavior suggest that the market may be approaching a turning point. With reduced exchange activity and increased private wallet accumulation, the focus shifts from macroeconomic factors to on-chain dynamics as the primary driver of price volatility [1]. Analysts continue to monitor key metrics such as the Exchange Whale Ratio and Spent Volume to gauge the likelihood of a sustained bullish trend [1].

Source: [1] Whales pull 20K BTC off exchanges: What it means for Bitcoin’s rebound (https://ambcrypto.com/whales-pull-20k-btc-off-exchanges-what-it-means-for-bitcoins-rebound/)