2024

Bitcoin

April

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to crypto analyst <a href="https://twitter.com/ali_charts/status/1776634456071147971" rel="noopener noreferrer nofollow">Ali</a>, nearly 111,000 Bitcoin (BTC), valued at around $7.55 billion, were moved out of known crypto exchange wallets in the last month.
This trend highlights a gradual reduction in BTC supply on exchanges in recent months, implying an exodus from cryptocurrency exchanges.
One probable explanation for the <a href="https://u.today/bitcoin-btc-might-see-major-shift-in-next-24-hours-heres-why" rel="noopener noreferrer nofollow">Bitcoin</a> exodus is that an increasing number of investors prefer to retain their Bitcoin in private wallets rather than on exchanges.
<blockquote>
 In the last month, almost 111,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>, valued at approximately $7.55 billion, have been moved out of known <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> exchange wallets! <a href="https://t.co/c7cy4BKvFk" rel="noopener noreferrer nofollow">pic.twitter.com/c7cy4BKvFk</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1776634456071147971?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 6, 2024</a>
</blockquote>
Furthermore, institutional Bitcoin adoption has recently accelerated. These institutional investors might wish to secure their holdings in private wallets or cold storage for long-term purposes.
The withdrawal of such a large amount of Bitcoin from exchanges might potentially cause a supply crunch, in which demand for BTC surpasses available supply. This scenario might pave the way for a bullish rally.
In an April 4 tweet, Ali reported 21,400 BTC, worth around $1.40 billion, being moved to accumulation addresses that have never spent funds in a single day.
<h2 id="220-000-btc-added-to-whale-balances">220,000 BTC added to whale balances</h2>
On-chain analytics firm <a href="https://twitter.com/intotheblock/status/1776611227218669729" rel="noopener noreferrer nofollow">IntoTheBlock</a> reports that Bitcoin ETFs have amassed more than 4% of the BTC supply in less than three months.
The amount of Bitcoin held by addresses with 1,000 BTC or more, called "whales," has surged dramatically since the ETFs' inception, with the aggregate balance of whale addresses hitting its highest point since June 2022.
This year, the balance of whales has increased by 220,000 BTC, totaling $14.2 billion, with 210,000 of these BTC coming from net inflows into ETFs, which have powered the vast bulk of the whales' accumulations. This has pushed Bitcoin to fresh all-time highs, contributing to increased demand for crypto assets.
BTC was up 2.23% in the previous 24 hours to $69,286 at the time of writing.

Bitcoin: 111,000 BTC Removed From Crypto Exchanges, What's Behind It

Table of Contents

U_Today

Other articles published on Apr 7, 2024

Solana dips by 6.5%; Rebel Satoshi aims to dwarf Dogecoin

Anza Network targets Solana’s congestion with new fixes

Book Of Meow Price Prediction: BOMEOW Soars 175% In A Week As This Solana Rival Hints At Another ...

Bitcoin Surges to $70,000 as Market Shows Optimism

Samsung Expects Tenfold Jump in Quarterly Profit Despite Chip Business Challenges

Litecoin’s price will pump 20% ONLY IF this pattern pans out for you

Join our free newsletter for daily crypto updates!