Last week, crypto market players once again faced an episode of frustration when the momentum of the Bitcoin price surge was not lasting and was only temporary. Some market players have given up, others remain optimistic based on new indications. What about the behavior of the ‘whale’ group in dealing with this?
Several reports that have arrived show some industry players such as MicroStrategy and Luna Foundation Guard chose to continue to increase their holdings of Bitcoin because there were positive upward signals.
The outflow from the Bitcoin exchange this week reached a historic level for the major cryptocurrency i.e. BTC. In a blockchain week report by Glassnode informed that;
“We can see that the balance of the exchange has also experienced a period of significant BTC outflows in response to the BTC whale swarm and the more drastic accumulation of BTC. The huge outflow of up to 96,200 BTC per month is seen only a few times throughout history ”.
With the price of bitcoin hovering at $ 45K at the moment, the monthly exchange outflow rate has totaled $ 4.4 billion US dollars worth of BTC at market price.
Waima so, the liquidity of the exchange market for bitcoin has plummeted to 2.472 million BTC. Liquidity in this market is seen among the lowest since the third quarter of 2018. This declining exchange liquidity means that participants in crypto exchanges withdraw their bitcoin from centralized and decentralized custody accounts to their own privately maintained wallets
Meanwhile, private BTC ‘whale’ wallet addresses are also racing to collect BTC. The sharp accumulation began in March at a 10-month high after addresses holding more than 100 and 1000 BTC showed BTC holdings soaring abruptly.
This is a strong medium to long -term indicator as it indicates the intention of the market to remain intact holding BTC, Glassnode said.
