Bitcoin Whales Withdraw $2.4 Billion Amid Institutional Inflows

On March 25, a significant amount of Bitcoin (BTC) worth $2.4 billion was withdrawn from exchanges, marking the highest daily outflow since July 31, 2024. This substantial withdrawal coincided with a continued inflow into US spot Bitcoin exchange-traded funds (ETFs), indicating a resurgence in institutional demand. The withdrawal of 27,740 BTC from exchanges suggests a potential shift in market sentiment, as large holders, or "whales," moved a significant portion of their holdings off exchanges. Specifically, entities holding at least 1,000 BTC withdrew over 11,574 BTC, valued at approximately $1 billion, on the same day. This reduction in supply on exchanges typically signals accumulation and bullish sentiment, which can drive prices higher.

Additionally, blockchain analytics firm Arkham Intelligence reported that a "billionaire Bitcoin whale" added 2,400 BTC worth over $200 million on March 24. Despite some selling in February, this whale now holds over 15,000 BTC. The whale's recent acquisitions, following a period of selling when Bitcoin’s price was between $100,000 and $86,000 in February, suggest that large investors view the recent lows as a buying opportunity in anticipation of higher prices. This behavior aligns with the broader trend of institutional investors re-entering the market, as evidenced by the continued inflows into spot Bitcoin ETFs. Since March 14, spot Bitcoin ETFs have seen inflows for eight straight days, totaling $896.6 million. This streak of positive inflows is the first of its length in 2025, indicating a renewed interest from major investors.

The current price of BTC/USD is $88,265, up 1.2% over the last 24 hours. Bitcoin faces overhead resistance from the 20-weekly exponential moving average (EMA), currently at $88,682. To continue the bull run, Bitcoin must flip this level into support. Historical data shows that breaching the 20-weekly EMA has often preceded significant rallies in Bitcoin's price. For instance, when BTC price crossed above this moving average in October 2023, it rallied approximately 170% from $27,000 on Oct. 16, 2023, to set a new all-time high above $73,000 on March 14, 2024. Similar price action occurred when the price rose above the 20-weekly EMA in September 2024, preceding a 77% rally from $60,000 to $108,000 in December 2024. Analysts emphasize the importance of this trendline, with popular analyst Decode stating that the moving average is the "most important level right now for Bitcoin." Co-founder of trading resource Material Indicators, Keith Alan, also noted that Bitcoin has to reclaim the 2025 yearly open at around $93,300 to confirm a path toward all-time highs.