Bitcoin Whales Buy The Crash: Exchange Outflows At Highest In 2024
Summary
Bitcoin whales are accumulating the dip as spot exchanges see their largest withdrawal of 2024. On-chain data shows a significant net outflow from both spot and derivatives exchanges, with over 46,000 BTC leaving, worth over $2.6 billion. This suggests large investors are accumulating and possibly banking on a price increase. The net outflows from derivatives exchanges could indicate whales reducing risk or planning to hold for an extended period. Bitcoin is currently trading at around $57,200, down almost 9% in the past week.
