Whale Withdrawal: 2,618 BTC Moved from CEX as Institutions Accumulate Bitcoin

COINOTAG News reported on November 6th that Onchain Lens has identified significant activity in the cryptocurrency market. Over the past five days, a notable whale or institutional investor has withdrawn approximately 2,618 BTC from a centralized exchange (CEX), translating to a substantial value of around $182 million. This strategic move underscores the current market dynamics as the investor employs various intermediary wallet addresses to accumulate their Bitcoin holdings. Such behavior often indicates a long-term bullish outlook, as large players seek to minimize their exposure on exchanges. Analysts suggest that this kind of accumulation may signify a potential tightening of supply in the market, which could impact pricing and volatility. The growing trend of institutional engagement in cryptocurrencies highlights the ongoing maturation of the market, reaffirming the asset class’s role in diversified portfolios.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum Sees 16,913 ETH Net Issuance in a Week: Total Supply Reaches 120.7 Million

COINOTAG News reports for April 27th that recent data...

Bitcoin Poised to Surpass All-Time High as Funding Rates Remain Negative, Says CryptoQuant Analyst

COINOTAG News, April 26th – Analyst Avocado from CryptoQuant...

Bitcoin Investor Sentiment Improves Amid Tariff Talks, But Weekend Volatility Risks Remain

The latest update from COINOTAG on April 26th highlights...

Bitcoin Faces Strong Resistance: Key Price Range of $94,125 to $99,150 Analyzed by Expert

On April 26th, COINOTAG reported that cryptocurrency analyst @ali_charts...

Understanding Mainstream Culture: Nick Tomaino on the Future of Crypto and On-Chain Games

Nick Tomaino, founder of 1confirmation, recently highlighted an essential...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img