From the observation that Bitcoin whales are withdrawing millions of dollars from exchanges as new buyers surge to Hong Kong's approval of Ethereum ETF staking, here are some notable news in the crypto market.
Hundreds of millions of dollars worth of Bitcoin have been withdrawn from major exchanges, drawing attention in the crypto community.
However, if Bitcoin does not break the $86,000 barrier, the possibility of a correction remains, especially in the context of fluctuating investor confidence.
Data from OnchainDataNerd on April 17 shows that some major Bitcoin whales have made withdrawals from top exchanges.
Galaxy Digital withdrew 554 BTC, worth about $76.74 million, from OKX and Binance. Abraxas Capital withdrew 1,854 BTC, worth about $157.26 million from Binance and Kraken.
Two other whales, identified by the addresses 1MNqX and 1BERu, withdrew 545.5 BTC ($45.5 million) and 535.2 BTC ($45.44 million) from Coinbase, respectively. In just one day, over $280 million worth of Bitcoin was withdrawn from exchanges.
Withdrawals like these from Bitcoin whales, such as Galaxy Digital and Abraxas Capital, often signal a strategy to move BTC into cold storage. This is typically seen as a bullish signal, reducing selling pressure and reflecting expectations of future price increases.
A report from Glassnode on X highlights a strong increase in the number of first-time Bitcoin buyers. This new influx of investors could drive short-term price momentum. However, long-term holders (LTH) have paused accumulation, signaling caution amid a volatile market.