2024

Bitcoin

Billion

Spot

Time

Bitcoin whales <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-long-term-holders-price-top-glassnode/">have been very active</a> in the past few days as the crypto continues to trade below $68,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets.&nbsp; These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead.&nbsp; 
According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred $2.3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately $1.60 billion had been transferred into accumulation addresses. 
<h2 id="bitcoin-whale-accumulation-signal-price-surge-ahead">Bitcoin Whale Accumulation Signal Price Surge Ahead</h2> 
Bitcoin has largely <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-68k/">traded below $69,000</a> since March 15, struggling to regain the momentum that saw it <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history/">shooting past $70,000</a> earlier in the month. Interestingly, Bitcoin fell to as low as $61,766 last week, representing a 16% decline from its all-time high.&nbsp; 
Meanwhile, Spot Bitcoin ETFs <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-etfs-bleed-for-one-week-straight-can-price-recover-to-73000/">saw consistent outflows</a> throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-etf-netflows-may-experience-rebound-if-this-price-is-attained-analyst-explains/">might finally be coming to an end.</a> 
However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million <a href="https://x.com/whale_alert/status/1771242694016192637?s=20" rel="nofollow">from Coinbase</a> into a new private wallet. Shortly after, 8,172 BTC worth $519 million <a href="https://x.com/whale_alert/status/1771242697359073284?s=20" rel="nofollow">were transferred from Coinbase</a> into another new private wallet. Interestingly, the different alerts from the whale tracker added up to $2.3 billion worth of BTC to and from crypto exchanges on March 22.&nbsp; 
Analyst Ali Martinez noted that these transfers added up to $1.6 billion being added into accumulation addresses, the largest inflow so far this year.&nbsp; 
<blockquote class="twitter-tweet"> 
 Yesterday, over 25,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a>, valued at approximately $1.60 billion, were transferred to accumulation addresses, marking the highest inflow to these <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$BTC</a> wallets so far this year! <a href="https://t.co/mAIHkG9ROC" rel="nofollow">pic.twitter.com/mAIHkG9ROC</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1771477802707034192?ref_src=twsrc%5Etfw" rel="nofollow">March 23, 2024</a>
</blockquote> 
According to <a href="https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" rel="nofollow">CryptoQuant data</a>, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC.&nbsp; 
Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-new-ath-by-year-end/">making it an ideal time</a> for investors to <a href="https://bitcoinist.com/buy-much-bitcoin-as-you-can/" rel="nofollow">position themselves</a> in the market.&nbsp; 
At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks above this resistance level, it <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-upside-break-68k/">could continue surging higher</a> with the accumulation trend. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/jgGyFuMI/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Bitcoin Whales Remove A Staggering $2.3 Billion From Exchanges, Is It Time To Buy?

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