• 28 May, 2024
News

Significant Bitcoin Withdrawals: 11,000 BTC Shifted from Exchanges in 24 Hours

In a notable development, over 11,000 Bitcoin (BTC), equivalent to approximately $330 million, have been transferred from recognized cryptocurrency exchange wallets within 24 hours. This movement marked one of the most substantial outflows of Bitcoin from exchanges recorded to date.

A cryptocurrency analyst, Ali, shared a Twitter post providing insights on the current BTC market.

Yesterday’s activity was documented as the third-largest aggregate Bitcoin withdrawal from exchanges in the history of the cryptocurrency. This could signify a growing trend among investors, seemingly opting to secure their assets in private wallets rather than in exchanges. Such actions often indicate a long-term bullish sentiment among Bitcoin holders, who might be preparing to hold their investments for an extended period.

A cryptocurrency analyst and data researcher, James V. Straten, shared a Twitter post providing insights on the current BTC market.

The Gemini exchange, a leading cryptocurrency trading platform, has been a notable player in this withdrawal pattern. A comparison of the exchange’s Bitcoin holdings over the years reveals a drastic decrease. The Gemini exchange reportedly held 310,000 BTC in its wallets two years ago, Fast forward to the present, and that figure has plunged to a mere 100,000 BTC.

This substantial reduction—more than two-thirds of its Bitcoin holdings—could be interpreted in various ways. It might indicate that investors are increasingly choosing the security of private storage options over the convenience of exchange wallets. Additionally, this could be a strategic move by Gemini, reducing its holdings to mitigate potential risks.

The ongoing massive outflows from Gemini and other exchanges may also indicate the market’s sentiment toward the security of these platforms. As the crypto industry has grown, so has the number of cyber-attacks targeting exchanges. By moving Bitcoin off exchanges, investors potentially shield themselves from such vulnerabilities, emphasizing their value on security and control over their assets

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