Over $ 66 million in Bitcoin withdrawn from whales, what are the signs?

Bitcoin whale is strong: 200 million USD BTC circulated during the week

A large amount of Bitcoin (BTC) has been withdrawn from cryptocurrency exchanges today. This move could imply that large investors are looking to hold their BTC and wait for future breakthroughs, especially as global markets recover after the coronavirus pandemic.

Tracking the movements of whale electronic wallets is often used as an indicator of general market sentiment. As today, there were a number of large withdrawals from exchanges.

The whales transfer money from the exchanges

According to Whale Alert, 2 large withdrawals from exchanges were made today. Many similar cases are expected to occur.

Whale Alert noted that 5,000 BTC ($ 36.4 million) were withdrawn from Bitfinex and transferred to an external wallet.

At the same time, another withdrawal was also recorded. About 4,000 BTC ($ 29 million) were transferred from OKEx to an external wallet.

While we can't draw conclusions about each of these withdrawal cases, it could be an indication that the whales are deciding to hold money in this volatile economic situation. This is a good predictor for the short-term future of the cryptocurrency market.

Uncertain time

Analysts disagree about what we can expect, as the Bitcoin halving event draws nearer. With the expectation taking place in mid-May, some people believe that miners will actively sell off their Bitcoin holdings before the profits are cut due to the halving reward mechanism of Bitcoin halving.

However, the selling pressure from the miners has so far been absorbed. Currently, Bitcoin is being traded at $ 7,148, being the sixth consecutive day to sustain the price above $ 7,000.

However, the main data that traders are following now is not the cryptocurrency market but the trends of the macro economy in general. With unemployment soaring in the US and consumer confidence low, there have been concerns that any recovery after coronavirus will be very slow. At the moment, it is not yet known how these factors will impact the cryptocurrency market.

The Fed is running out of tools

The Fed has been very aggressive in supporting financial markets, but there is still no certainty that these strategies will work. As the Fed always says, an unlimited amount of cash is always available. However, the interest rate has reached nearly 0%, the Fed is gradually running out of tools to cure any crisis in the future.

It is not known what will happen, but the fact that the whales are transferring money away from exchanges may be a sign that some of the confidence in the cryptocurrency market can overcome the stage. this difficulty.

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According to BeInCrypto
Recompiled ToiYeuBitcoin