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A major move by Bitcoin (BTC) whales has just been detected on-chain. According to CryptoQuant, 42,790 BTC were moved out of crypto exchanges on Aug. 15. They are estimated to be worth around $2.5 billion based on the current Bitcoin price.
This is a critical development as it comes at a time of sideways movements on the broader crypto market. Market sentiment has been neutral during this time, and no significant gains have been seen from Bitcoin or other coins. This scenario had been forcing investors to sit on the sidelines.
However, it appears that large investors, or whales, have deceived to increase their BTC holdings. The outflows of 42,790 BTC from crypto exchanges shows that whales have been buying the dips. In fact, this can be regarded as a notable whale accumulation of the largest coin in the industry in terms of market capitalization.
Historically, rising exchange outflows have proven to be a crucial metric for Bitcoin. They typically result in an upward trend for the coin. As more money is injected into the market, it will push the prices higher and put bears in control. Overall, it can sustain bullish sentiment in the market.
What does it mean for BTC's price?
As of writing this article, the price of Bitcoin is at $58,408.31 after a dip of 0.56% in the last 24 hours. Notably, the price has fallen 8.37% in the last 30 days. These figures reflect the stagnant momentum on the market in recent weeks. It shows how the BTC price has failed to move to the next highs.
It has failed to cross the resistance at $61,000. In the last few weeks, the market has witnessed Bitcoin failing to clear this level multiple times. However, whales are now supporting the coin by injecting more money to it. Hence, it is likely that they can help BTC sustain this pressure and clear the next resistance levels to reach for higher levels.
Arman Shirinyan
Godfrey Benjamin