cryptopolitan.com
IntoTheBlock’s data revealed a $4.5B exodus from exchanges in the last seven days. The data confirmed that whales were actively accumulating Bitcoin, as over 12% of the net outflow was attributed to large holders.
The substantial outflow of Bitcoin from exchanges, as shown by the data, signaled a tailwind for Bitcoin’s price as it edged toward the 100K mark. The rising momentum for large BTC withdrawals from exchanges (+2.19%) indicated that large holders intended to reduce selling pressure and create a bullish environment for future price increases.
Massive Bitcoin withdrawals from exchanges fuel BTC price surge
Bitcoin recorded a whopping $4.5B net outflows from exchanges this week, as buying momentum sent prices toward the $100k mark pic.twitter.com/zJURFB8wYi
— IntoTheBlock (@intotheblock) November 22, 2024
The withdrawal of BTC worth $4.5 billion from exchanges in the last seven days implied that investors intend to hold BTC for the long term, anticipating a potential rise in price. The highest net outflow during the week (-$3.9B) was recorded on November 19th, when BTC broke above $93K to set a new ATH, as per Coingecko’s data.
Whales (addresses holding over 1% of supply) and investors (addresses holding between 0.1%-1%) accounted for nearly 12% of the net outflow. Retailers (‘crabs’ and ‘shrimps’ with less than 0.1% of the circulating supply) were responsible for 88% of the net outflow. The BTC accumulation highlighted increased confidence and participation by BTC holders on all levels.
The data showed that all BTC holders, including small retailers (100%), were ‘in the money’ at the current price of $99.27K. Reduced liquidity suggested a bullish price trend created by a potential BTC supply squeeze. Yahoo Finance confirmed that such an intense accumulation of BTC had not been seen since September when the current bull run began.
According to the market intelligence platform, 52% of the BTC outflows from exchanges occurred during Western trading hours (10 AM to 10 PM UTC), while 48% occurred during Eastern trading hours (10 PM to 10 AM).
Arkham’s data showed that Binance had the highest BTC outflow in the past week, followed by Coinbase, Revolut, Bitfinex, and Deribit. However, CryptoQuant’s data showed that the highest net outflow from exchanges this month was recorded on the 12th when 106.29K BTC worth ~$9.36B was transferred to wallets.
Chris Wood advises Bitcoin HODLers as he hints at selling at $150K
Christopher Wood, global head of equity strategy at Jefferies, announced his intention to sell his Bitcoin holding when the price reaches $150K (+53%). Wood said that $150K was a good price level at which to start making some profit. Wood emphasized that Bitcoin was not to be seen as a replacement for gold. Instead, Bitcoin was to be seen as a digital alternative to traditional assets.
Wood stated that it was becoming increasingly risky to ignore crypto at this point. He mentioned the optimism surrounding Trump’s administration saying that it could champion BTC’s move into the mainstream. Wood said he initially invested in Bitcoin when prices were at the 22K range and he allocated 10% of his global portfolio for a U.S. dollar-denominated pension fund to Bitcoin.