Home Bitcoin News Bitcoin Whales Trigger Surge: Over $1 Billion Withdrawn from Coinbase Amidst Record-Breaking Whales’ Buying Spree

Bitcoin Whales Trigger Surge: Over $1 Billion Withdrawn from Coinbase Amidst Record-Breaking Whales’ Buying Spree


In a significant market development, Bitcoin whales have initiated a massive withdrawal of funds from Coinbase, the leading cryptocurrency exchange in the United States. Over $1 billion worth of Bitcoin has been moved into self-custody wallets, marking the lowest level of Bitcoin holdings on the exchange since 2017.

The exodus of funds from Coinbase corresponds with a surge in buying activity among whales, who have accumulated more than 100,000 BTC in the span of just ten days. This influx of funds, amounting to over $5 billion, highlights the growing confidence and investment appetite within the cryptocurrency market.

The surge in Bitcoin’s value, currently trading above $52,000, reflects a nearly 100% increase over the past six months. This upward momentum has been fueled by the excitement surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. Since their inception, these ETFs have attracted net flows exceeding $4.5 billion, as reported by BitMEX Research.

The current surge in Bitcoin’s price, hovering above $52,000, has seen an impressive nearly 100% increase over the last six months. This surge can be attributed to the anticipation and excitement surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. Data from BitMEX Research indicates that these ETFs have attracted net flows exceeding $4.5 billion since their launch.

It remains uncertain whether the Bitcoin addresses associated with spot Bitcoin ETFs are included in the data, adding a layer of complexity to the ongoing narrative. This surge in demand for Bitcoin comes ahead of the upcoming halving event in April, which is poised to reduce the coinbase reward received by miners for successfully discovering blocks.

Bitcoin analysts are closely monitoring the ramifications of whales transferring BTC from exchanges to self-custody wallets. This migration has the potential to intensify the strain on Bitcoin’s available supply, coupled with the growing demand, thereby paving the way for further upward price movements.

Amidst these developments, the impending halving event scheduled for April looms large in the minds of investors. This event will reduce the coinbase reward miners receive for validating transactions, potentially further limiting Bitcoin’s available supply.

The movement of Bitcoin from exchanges to self-custody wallets underscores the growing pressure on Bitcoin’s supply. With demand on the rise, analysts anticipate further price increases in the foreseeable future. Notable figures in the cryptocurrency space, such as Tuur Demeester and Anthony Scaramucci, have offered bullish forecasts, projecting Bitcoin’s value to soar to unprecedented levels by 2026.

Tuur Demeester, a respected cryptocurrency analyst and early Bitcoin advocate, predicts a price range of $200,000 to $600,000 for Bitcoin, citing massive government bailouts and stimulus measures as key drivers of value appreciation.

Similarly, Anthony Scaramucci, founder of SkyBridge Capital, maintains a bullish stance on Bitcoin’s price trajectory. He employs a methodology based on Bitcoin’s price at the time of halving, multiplied by four, to arrive at his conservative estimate of $170,000 per Bitcoin.

As the cryptocurrency market continues to evolve, investors are advised to assess their risk tolerance carefully before making investment decisions. The dynamic interplay between supply dynamics, institutional investment, and regulatory developments will shape the trajectory of Bitcoin and the broader cryptocurrency landscape.

In conclusion, the recent exodus of Bitcoin from Coinbase signals a shifting tide in the cryptocurrency market, with whales positioning themselves for future growth opportunities. As Bitcoin’s value continues to climb amidst growing demand, the stage is set for a transformative period in the world of digital assets.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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