Last Two Weeks Have Seen 50,000 Bitcoins Exit Exchanges

The last two weeks have seen 50,000 bitcoins exit exchanges. This is a huge amount of Bitcoin and could indicate that whales are moving their BTCs around. However, there is no way to know for sure because of the ambiguity surrounding these data. These numbers show that the supply of Bitcoin on the main exchanges is decreasing, but it could also be a result of new users entering the market.

Given the nature of the data set (BTC transactions), it’s difficult to determine whether this is a sign of crypto whales moving their coins or simply an indication that there are fewer people trading Bitcoin. However, what these numbers do show is that there are fewer coins circulating in the market.

Even though Bitcoin’s price has been fluctuating lately, according to recently released reports, the biggest exchanges have received withdrawals of over 50,000 BTC in the last two weeks.

Crypto whales are moving

Based on the findings of Blockchain analysis company Santiment’s research, it’s safe to assume that crypto whales have accumulated a significant quantity of Bitcoin in the previous two weeks, which has been transferred to private wallets.

As a result, according to Santiment, whale activity has been at its highest level in quite some time, making this week particularly hopeful in this respect. The number of “hodlers” (accumulators) operating has also increased significantly, as the number of wallets with balances between 10 and 100 BTC has doubled, according to the company.

Miners hodl their BTC

There is also evidence that huge Bitcoin miners are slowing down the rate at which transactions take place on exchanges since they are responsible for collecting the BTC that comes to market after processing blocks.

On the other hand, according to Santiment, the mining sector’s 10-day average sales values dropped from over 5,000 BTC to below 3,300 BTC. Despite the importance of sales in supporting mining costs, it is puzzling that the quantity of bitcoin sold is restricted now that more cash is required, thus reducing the supply on the major exchanges of the cryptocurrency.

“Savings” by Bs0u10e0 is licensed under CC BY-SA 2.0.