The cryptocurrency market is approaching the end of a stressful week. On Thursday morning, the price of Bitcoin (BTC) slumped below $40,000 for the first time, with whales removing massive amounts of cryptocurrency from exchanges at discounted prices.
The amount of Bitcoin coming out of the exchanges has reached its peak
Bitcoin whales have pulled large amounts of BTC from exchanges to their wallets amid this negative price action. Whale Alert reports that 45,000 BTC worth over $1.8 billion have been moved from crypto exchanges. A decrease in the number of active BTC on the exchange typically indicates an increase in price. This could indicate that it is set for a significant uptrend for Bitcoin, which seems to have bottomed around $40,000.
More than 40K BTC moved from Coinbase
BTC price has dropped over 7% in about the last 7 days. BTC whale transactions spiked sharply as the price dropped. According to data provided by Whale Alert, more than $1.62 billion worth of 40.47K BTC was transferred from the Coinbase exchange in the last 24 hours. As a result, around 32,800 BTC were moved to unknown wallet addresses.
Apart from that, about $80 million worth of Bitcoin is Gemini from Coinbase. and $5.6 million transferred from Gemini to Bitfinex. A total of 5,001 BTC and 940 BTC were transferred between Gemini and Xapi. There have been several highlights in Bitcoin history where whales took advantage of the market drop to exchange large amounts of BTC. Coinbase lost nearly $1.2 billion in BTC reserves in a week in March.
$1.9 billion worth of BTC withdrawn from the crypto market
According to Glassnode, $1.9 billion worth of Bitcoin (BTC) was removed from the market in the previous 24 hours. Still, $972 million worth of BTCs were purchased. Netflow for BTC is now minus $926 million, according to statistics.
Bitcoin’s price has dropped more than 8% in the previous seven days, as we’ve seen in the analysis of Cryptokoin.com. It looks like the Luna Foundation Guard (LFG) and the Terran community are taking a position. LGF bought 124 more BTC the previous day, bringing a total of 42,530.8 Bitcoin assets to $1.71 billion.
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