According to data from Glassnode, there has been a spike in Bitcoin outflows as about $406.8 million left the exchanges on April 7th. In transactions detected by Whale Alert during the day, hundreds of millions of USDT are leaving exchanges and whales are piling Bitcoin on exchanges. Here’s what to expect…
There has been a massive influx of Bitcoin to exchanges as USDT withdrawals increase
There has been a significant increase in Bitcoin whale activity over the past 24 hours, as we reported on Cryptokoin.com. There are fears that the change will not be entirely positive, as there are significant Bitcoin flows and USDT outflows to major exchanges. According to data provided by whale watcher Whale Alert, USDT exits from exchanges while BTC is being replaced. In one of the transactions, approximately 10,000 BTC was sent to Coinbase, one of the largest crypto exchanges in the world.
Similarly, Binance dumped millions of USDT in a number of transactions. While over 130 million USDT was transferred in one transaction, 125 million and 126 million USDT were received in two separate transactions; All three transactions took place within six hours.
Transaction that moved $125 million USDT from Binance to anonymous wallet record:
126 million dollar transaction:
With these 3 transactions, a total of 381 million USDT was withdrawn from Binance.
What does BTC exit from exchanges mean?
The transfer of Bitcoins to stock markets, especially by whales, usually causes negative expectations as it indicates a selling pressure. The crypto community believes the transactions show an unusual panic selling for whales. Some analysts have expressed dissatisfaction with this, believing that the whales are intent on throwing it at them:
I find it somewhat comforting to know that this large species of fancy whales is as corrupt as the rest of us. FOMO is high; panic sells.
“Thetarian11” on Twitter added, “Okay, BTC going 20k after the conference.”
USDT outflow may also indicate that whales are not interested in buying and withdrawing USDT to secure wallets, according to experts. It’s clear that whales are pessimistic about the leading cryptocurrency and are waiting for a correction, piling BTC on exchanges for panic selling. If the USDT exit and the transfer of Bitcoin to the exchanges continue, the selling pressure may strengthen the possibility of breaking $ 44 thousand.
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