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Bitcoin (BTC) whales have been on the move, withdrawing a substantial amount of BTC from exchanges over the past week. Amid the Bitcoin price surge past $73,000, BTC whales sought to realize their profits and withdrew over 21,000 BTC this week. 
<h2 id="bitcoin-whales-withdraw-massive-btc-reserve-from-exchanges">Bitcoin Whales Withdraw Massive BTC Reserve From Exchanges</h2> 
Ali Martinez, a crypto analyst, recently took to X and revealed significant Bitcoin whale activity. He noted that a staggering 21,401 BTC has been pulled out of crypto exchanges during this week to cash out the <a href="https://coingape.com/bitcoin-cements-dominance-over-gold-records-23-6b-net-inflows/" target="_blank" rel="noopener">BTC price</a> rally profits. 
The impact of this whale activity became particularly pronounced on Thursday, March 14, when a staggering $752 million worth of <a href="https://coingape.com/top-analyst-predicts-bitcoin-price-correction-63k-best-time-sell-meme-coins/" target="_blank" rel="noopener">Bitcoin</a> was withdrawn from crypto exchanges. This marked the highest single-day withdrawal since May 2023, according to data from Into The Block. 
Moreover, the consequences of this mass withdrawal were swiftly felt as the Bitcoin price experienced a notable crash on Friday, March 15. BTC crashed over 7% and the bearish trend was spilled all over the crypto market. In addition, the hot PPI report on Thursday expedited the fall. 
Furthermore, according to <a rel="nofollow" href="https://www.coinglass.com/Balance" target="_blank">Coinglass</a> data, only $1.81 million worth of BTC is available on exchanges currently. This underscores the importance of Bitcoin supply shock. However, on a positive note, the network has witnessed the emergence of 13 new whales with holdings of over 1,000 BTC. On the other hand, the Bitcoin price decline continued today. 
Also Read:&nbsp;<a href="https://coingape.com/markets/how-low-bitcoin-price-may-plunge-amid-market-correction/" target="_blank" rel="noopener">How Low Bitcoin Price May Plunge Amid Market Correction?</a> 
<h2 id="btc-price-extends-decline">BTC Price Extends Decline</h2> 
The Bitcoin price fell lower than the $65,000 level, indicating a plunge of over 13% from its all-time of $73,836 attained this week. As of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> crashed 6.28% to $64,909.21 on Sunday, Match 17. Whilst, the BTC market cap stood at $1.27 billion. 
In addition, the 24-hour trade volume for Bitcoin plummeted 15.78% to $51.16 billion. However, despite the recent downturn, BTC’s 1-month gains stand at over 25%. The latest bearish turn was also catalyzed by the massive long liquidations. 
Coinglass data reveals that $145.34 million Bitcoin liquidations were recorded in the past 24 hours. Out of this, $125.81 million liquidations were long positions, which could have influenced the recent Bitcoin price crash. Whilst, short traders didn’t initiate significant liquidations and profited from the bearish trend. 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-btc-price-slumps-to-65k-liquidations-tops-426m/" target="_blank" rel="noopener">Bitcoin (BTC) Price Slumps To $65K, Liquidations Tops $426M</a> 
The post <a href="https://coingape.com/bitcoin-news-whales-pull-out-over-21400-btc-from-exchanges-in-a-week/">Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Whales Pull Out Over 21,400 BTC From Exchanges In A Week

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