Bitcoin Exits Crypto Exchanges Surpassing $3.45 Billion as BTC Whales Surge

Bitcoin has seen a substantial amount of its value leaving crypto exchanges while maintaining a price above $62,000.

According to leading market analyst Ali Martinez, a staggering 76,670 BTC, valued at over $3.45 billion, have been withdrawn from crypto exchanges in the past month alone. This suggests a trend of increased holding among Bitcoin investors, as coins leaving exchanges are typically intended for long-term purposes rather than immediate trading.

This trend also contributes to reducing selling pressure, as cryptocurrencies held on exchanges are often intended for quick liquidation.

The surge in Bitcoin’s price above $62,000 has sparked heightened activity on the network, particularly among large holders known as whales. Martinez notes that over 150 new BTC addresses, each holding more than 1,000 BTC, have been created in the past month, indicating growing confidence and interest among large investors.

As Bitcoin continues to trade at levels not seen since November 2021, it remains the dominant force in the cryptocurrency investment landscape. CoinShares data shows that Bitcoin recorded weekly inflows of $570 million, significantly surpassing other crypto assets like Ethereum, Chainlink, and XRP, which saw much lower inflows.

These significant capital inflows into Bitcoin are attributed in part to the popularity of spot Bitcoin exchange-traded funds (ETFs).

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