Stunning $3.28 Billion in Bitcoin in Past 7 Days – Something's Cooking?

As Bitcoin has been scoring one all-time high after another in the last few days, whales have been transferring massive amounts of BTC. By now, this cumulative stash has reached more than $3 billion worth of Bitcoin.

Whales grab $3.28 billion amid Bitcoin’s ATHs

Cryptocurrency analyst and trader Ali Martinez has published a post on his X account, revealing Glassnode data about the most recent acquisitions of BTC whales. The chart that he shared shows a drastic plunge in the Bitcoin supply on centralized exchanges (CEXes), starting on Nov. 5.

Martinez summarized this data by saying that over the past week, large whales have withdrawn a total of 40,000 BTC, which is equal to a whopping $3.28 billion.

Last week, the world’s flagship cryptocurrency, Bitcoin, surpassed the $75,000, then soaring to the $77,252 price mark. Today, BTC skyrocketed to $82,490. Over the weekend, BTC soared by 6.2%, jumping from $77,320 to a new historic peak above $82,000. At the time of this writing, the pioneer cryptocurrency is changing hands at $82,355.

The Bitcoin rally has recently been fueled by the radical change in the U.S. government, as well as by the 25-basis-points interest rate cut initiated by the Fed Reserve.

CZ issues warning related to Bitcoin ATHs

The founder and former chief executive of Binance, Changpeng Zhao (known as CZ), published a warning after recently getting released from prison. CZ is considered an influential thought leader in the crypto space due to the massive success of his brainchild, Binance.

CZ warned the crypto community that they should “control their greed.” There will be many highs and dips for Bitcoin in the future, he tweeted, stressing the necessity to “apply proper risk management.” The influencer also recommended not putting all of one's eggs in one basket.

FTX sues Binance and CZ

Bloomberg has reported that the currently nonoperating FTX exchange (formerly the second largest one after Binance) initiated a lawsuit against Binance and Changpeng Zhao.

The legal team of the current FTX management seeks to retrieve $1.8 billion, which was allegedly transferred to Binance by Sam Bankman-Fried, the former FTX boss who is now serving a 25-year prison sentence. The money was transferred as part of a July 2021 share repurchase deal.