Bitcoin is going great guns and has breached the 20K level. When reports last came in, BTC was changing hands at $ 20,545. It had a 24 hrs high of $20,681.47 and a low of $2024.58. BTC had a market cap of $393.03B and a 24 hrs. circulating volume of $936.96M.
However, the fear of inflation and recession after the ECB raised interest rates by 75 bps is omnipresent. One interesting event is the outflow of 70KBTC worth a$1.52 billion, leaving the crypto exchanges in the last six months.
$1.52 Billion Worth Bitcoin Outflow from Crypto Exchanges- Bitcoin (BTC) Whales Active
As per data received from IntoTheBlock, the surge in prices in BTC was precipitated by a massive outflow from the crypto exchanges. On October 26, 70 thousand Bitcoins worth a staggering $1.52 billion left exchanges. It was termed the most significant outflow in the past six months.
It was also reported that Bitcoin (BTC) Whales have become active, and massive amounts of Bitcoin are being transferred from crypto exchanges. It is estimated that whales have divested over 15K BTC, which is also one of the reasons for the sudden surge in the value of Bitcoin.
Data from Santiment indicates that Bitcoin (BTC) Whales have become hyperactive and are ready to make a killing after a long bearish phase. Data also reveals that the more enormous whales and investors are holding their money in the U.S. and world treasuries.
The latest Santiment data indicates Bitcoin (BTC) Whales are ready to jump back in and push prices to rise higher after a prolonged bear market. The data also reveals that whales and prominent investors are holding their money in the U.S. and world treasuries.
Since November last year, prominent institutional investors and significant whale addresses like the Blue Line have been quietly divesting their BTC holdings. The tanking of USDT and USDC market cap indicates that investors and whales are freeing their funds from stablecoins. Hence an increase in the market cap of stablecoin will mean a bottom for Bitcoin. However, crypto prices may rise despite the significant increase in whale supply.