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Sitting slightly below $52,000, Bitcoin is still down about 25% from its all-time high during the previous bull run. However, the leading crypto asset is seeing considerable improvement in investor sentiment.
In fact, Bitcoin holdings on Coinbase, which is one of the leading crypto exchanges in the space and the largest in the United States, have fallen to their lowest level since 2017. And whales are betting big on this asset .
Whales make big bets
According to the latest CryptoQuant analyst report datamore than 18,000 BTC, valued at approximately $1 billion, has been identified as having been removed from the platform by the whales.
After such a large stash of Bitcoin was withdrawn from Coinbase, the funds were spread across several new wallets, with values ranging from $45 million to $171 million.
Subsequently, Coinbase's public order book now holds approximately 394,000 BTC, the equivalent of just over $20.5 billion. CryptoQuant founder Ki Young Ju further revealed that the funds were transferred to multiple non-exchange addresses, likely custodial wallets.
18K $BTC moved from Coinbase to multiple non-exchange addresses, likely custodial wallets. pic.twitter.com/s1b9tSx7qj
– Ki Young Ju (@ki_young_ju) February 20, 2024
Strong accumulation game
The demand for Bitcoin is evident as whales have engaged in a level of activity not seen in nearly two years. By 2024, large holders with between 1,000 and 10,000 BTC in their portfolio have accumulated approximately $13 billion in assets. Meanwhile, those holding holdings ranging from 100 to 1,000 BTC lost $7.89 billion.
😮 Independent of the impressive volume that occurs with #Bitcoin #AND F's, there was a clear reversal in the level of $BTCThe supply of is held by wallets of different sizes:
🐳 1K-10K $BTC portfolios: $12.95 billion added in 2024
🐋 100-1K $BTC portfolios: $7.89 billion down in 2024(continued) 👇 pic.twitter.com/BL7Mrj6kLq
– Santiment (@santimentfeed) February 16, 2024
Such a trend of whales moving their reserves away from centralized crypto exchanges is generally a positive sign. Last week, Bitcoin whale wallets acquired over 100,000 BTC, valued at around $5 billion, in just ten days. Historically, such accumulation points signal price appreciation.
The latest whale moves come amid a market-wide rally spurred by the introduction of spot Bitcoin ETFs.
After their successful launch and the subsequent massive inflow, all eyes are on the Bitcoin halving, which is expected to take place in April this year. Therefore, the transfer to custodial wallets may indicate increased confidence in a price rise before the fact.
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