“Whales” Build up BTC Reserves
Researchers from the CryptoQuant team drew attention to the next activation of large investors or the so-called “bitcoin whales”.
At the end of last week, when BTC fell in price by $ 1200, the “whales” seized the moment and increased their reserves in cryptocurrency. After that, they withdrew from crypto-exchanges a total of about 100,000 bitcoins worth up to $ 1.2 billion.
Last Saturday, August 1, there were approximately 2.49 million BTC on the exchanges. At the beginning of this week, the balance on trading floors decreased to 2.39 million coins ($ 28 billion). This is the lowest volume on record by the CryptoQuant team.
The amount of #Bitcoin held on exchanges just dropped off a cliff.
It happened two days ago – whales bought up the selloff. $BTC flowing out of exchanges is *bullish* 🔥
— Cole Garner (@ColeGarnerBTC) August 6, 2020
Analyst Cole Garner tweeted that the increase in bitcoin outflow from exchanges is a very good signal. The Whales are optimistic, so they switch to long-term storage of cryptocurrency. This strategy creates conditions for further market growth.
The increase in the outflow of cryptocurrency from exchanges was previously reported by analysts of the Glassnode platform. At the end of July, they published data from which it follows that in the second quarter of 2020, the total outflow of bitcoins from trading platforms more than doubled.
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