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Withdraw $ 1.3 billion of bitcoins from exchanges in 3 days; Are whales accumulating bitcoins?


Recent data show that in just three days, more than $ 1.3 billion in bitcoins were withdrawn from digital currency exchanges. As it turns out, most long-term bitcoin investors are still profitable and do not intend to sell.

to the Report Crypto Potito, the price of bitcoin has improved over the past seven days and the digital currency has lost 20% of its value, however, intra-chain data show that the liquidity crisis in exchange offices may be growing. In just three days, 23,000 bitcoins worth more than $ 1.3 billion were withdrawn from exchanges.

Ali Martinez, a digital currency analyst, citing data from analyst firm Glassnode, explained that bitcoin withdrawals from digital currency trading platforms have recently increased.

Intra-chain data show that although the price trend of Bitcoin has been declining over the past few days, the number of withdrawals of this digital currency has increased dramatically. In total, more than 23,000 bitcoins were withdrawn from exchanges between November 15 and 17 (November 24 to 26).

Withdraw $ 1.3 billion of bitcoins from exchanges in 3 days;  Are whales accumulating bitcoins?
Bitcoin inventory chart of digital currency exchanges

Recent reports indicate that one of the largest bitcoin whales has resumed its purchases and raised more than $ 200 million in a few days.

The total amount taken out of the exchanges is considerably more than the purchases of this particular whale; This suggests that some of the implications may be related to internal transfers between exchanges.

However, this still means that the number of bitcoins available in exchange offices has dropped significantly in recent days; An event that reduces sales pressure.

Also read: Who is the Bitcoin Whale and how does it trade?

Most bitcoin investors are still profitable

As explained earlier, the price of bitcoin has undergone a major correction since reaching a high of $ 69,000 at the beginning of last week. In the last 10 days, Bitcoin has lost 20% of its value, and early yesterday the price fell below $ 56,000.

As expected, the reform has hurt investors and their trading positions. Glassnode data show that more than 17% of bitcoin supply is now at a loss; This means that only 83% of the units of this digital currency are in a profitable position.

Glasnod said:

When the bitcoin market experiences high sales, a change in the rate of supply in profit indicates how many units in circulation have been purchased at prices higher than current prices. Since Bitcoin reached its peak, 17% of its supply has been at a loss and the remaining 83% at a profit.

Withdraw $ 1.3 billion of bitcoins from exchanges in 3 days;  Are whales accumulating bitcoins?
Percentage of bitcoins purchased at a lower price than the current price

However, this has not stopped long-term bitcoin holders from holding it. Glasnood said the investors were not rushing to sell their capital out of fear.

Glasnood added:

after that [حجم بیت کوین‌های نگهداری‌شده توسط هولدرهای بلندمدت] Reaching a peak of 13.5 million units, these long-term investors have spent only 100,000 bitcoins out of their balance over the past month, which is equivalent to 0.7% of their total capital.

The analyst firm said that 78.7% of long-term bitcoin holders are in profit, which is somewhat less than in profit. However, Glassnood says most of the purchases made near the price peaks were by so-called short-term holders and are now experiencing unrealized losses.

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