Bitcoin whale withdraws $1 billion from Coinbase

Bitcoin holdings on cryptocurrency exchange Coinbase, the largest cryptocurrency trading platform in the United States, have dropped to their lowest level since 2017 as BTC whales began withdrawing funds to self-manage.

According to data from CryptoQuant whales – investors holding large amounts of Bitcoin – have withdrawn more than $1 billion worth of cryptocurrency from the platform in recent weeks, causing more than 18,000 BTC to be withdrawn from their wallets. exchanges.

According to renowned crypto analyst Ali Martinez, this movement coincides with increased buying activity by whales who have amassed more than 100,000 BTC in just 10 days, worth more than $5 billion.

Bitcoin is currently trading above $52,000 after rising nearly 100% in the past six months thanks to excitement surrounding the launch of Spot BTC ETFs in the United States, along with the demand these funds bring to the coin. electronic.

According to data from BitMEX Research, these ETFs have attracted net inflows of more than $4.5 billion since their launch.

It's unclear whether the Spot Bitcoin ETF's Bitcoin addresses are included or excluded in the data, but it highlights the growing pressure on Bitcoin's supply ahead of the upcoming halving in April, which will reduce the reward that Bitcoin miners receive for finding blocks.

According to analysts, Bitcoin whales moving BTC out of exchanges and into self-custodial wallets could put even greater pressure on BTC's dwindling available supply, with increasing demand potentially could lead to further price increases.

Investors should carefully consider their risk tolerance before making any investment decisions.

Tuur Demeester, a prominent crypto analyst and early Bitcoin evangelist, has predicted that the value of BTC will skyrocket to between $200,000 and $600,000 by 2026, fueled by trillions of dollars. USD government relief and stimulus.

Anthony Scaramucci, founder of SkyBridge Capital, has maintained his forecast for significant price increases for the cryptocurrency, suggesting that the price at the time of Bitcoin's halving, multiplied by four, indicates where BTC prices may be heading in the cycle. that period.

This approach leads him to believe that his $170,000 price prediction is conservative based on current growth momentum.

Financial and Cryptocurrency News Forum by Company Remitano Network

Copyright © 2017 - ALO. All rights reserved