A whale recently withdrew 1,700 $BTC, worth $161.35 million, from Binance just a few hours ago. As reported by Lookonchain on X, this is another big Bitcoin accumulation for this wallet. This wallet has apparently also withdrawn 1,000 BTC ($94.43 million) from Binance recently. These large withdrawals mean that whales still have a strong interest in Bitcoin.
OKX Bitcoin Taker Ratio Spike Suggests Aggressive Buying Ahead
The Bitcoin Taker Buy/Sell Ratio on a major crypto exchange, OKX, was up significantly at the same time. This ratio is basically to monitor the number of buy and sell order and the trading activity of the market participants. The Taker Buy/Sell Ratio spike shows an improvement in aggressive buying. It is viewed as a positive signal, implying that Bitcoin could make upward impulsions shortly.
Bitcoin Withdrawals and Buying Surge Signal Strong Market Sentiment
This shows that people are becoming more confident with Bitcoin as its volatility is decreasing with time making it a bit safe to invest. Similarly, Binance large withdrawals show that investors are withdrawing Bitcoin off exchanges. It suggests that they are expecting long term gains and showing confidence on Bitcoin as Bitcoin is yet far away from the predictions made by senior analysts.
Last but not least, aggressive buying on OKX is surging, which shows bullish sentiment in the market. All of these activities indicate that Bitcoin could follow the uptrend and increase its profits. One thing is for sure, investors are closely watching to see if the upward trend will continue in the next coming days.
