On Wednesday, centralized scholarships recorded a net output of more than 17,000 BTC, worth more than $ 1.6 billion at market price of $ 98,600, according to glassnod data shared by Andrew Dragosch, manager research.
It is the largest exodus of a day of pieces since April 2024.
“The whales buy this dip,” said Dragosch on X, referring to the big part of the parts. Investors generally take on direct custody of the parts when they plan to hold them in the long term. Therefore, a large exit from exchanges is taken to represent a bullish feeling.
Note that blockchain data, although widely used to assess market conditions, can be biased by internal portfolio transfers by exchanges.
Coinbase alone has treated net withdrawals of more than 15,000 BTC, by Dragosch. The analysis by Timechainindex.com shows that Coinbase Wednesday divided four addresses totaling more than 20,000 BTC in 60 addresses, which alludes to major purchases possible by ETF or Microstrategy this week.
The data on the chain compiled by cryptocizing show that all Crypto’s exchanges had a cumulative negative Netflow of 47K BTC on Wednesday, with 15.8k of it being attributed to Coinbase.
Bitcoin fell below $ 96,800 during the United States negotiation hours on Wednesday to increase earlier today after Eric Trump, the son of President Donald Trump, encouraged the cryptographic platform linked to The World Liberty Financial family to make their first investment in Bitcoin.
