Over the past 72 hours, over 55,000 Bitcoin ($BTC), worth about $5.34 billion, were withdrawn from exchanges. This data comes from Ali Martinez, a technical and on-chain analyst. The large withdrawals indicate that the Bitcoin whales, the big investors, are accumulating more Bitcoins.
Bitcoin Price Rises 34%, Institutional Investors Interest
This move has been made after Bitcoin’s price rose significantly with Donald Trump’s recent victory in the presidential election. Its price has gone up to $96,500 from above $99,000 which is a 34% rise in the last 30 days.
The recent price increase has attracted institutional investors into the game. Some of the investors such as MicroStrategy and Metaplanet are accumulating on Bitcoin. For these firms, Bitcoin is gradually transitioning to a strategic reserve. This means that they regard it as an asset to hang on to, like gold or cash.
Bitcoin Withdrawals Signal Growing Investor Confidence
There is increasing confidence in Bitcoin as many people take it out of the exchanges. As the market evolves investors and institutions consider Bitcoin as an asset that needs to be held. This means that with few coins in circulation, supply could be an issue. This may result to increase in prices since demand for commodities is still on the rise.
The recent increase in Bitcoin prices and the entry of institutional investors into the crypto market mean the cryptocurrency may go up further. The market is shifting and people and organizations are turning to Bitcoin as an important component in their portfolio.
