Bitcoin Exchange Withdrawals Suggests Whales Are Accumulating

Bitcoin exchange withdrawals and deposits can often be a way to gauge how investors are looking at a digital asset. This is why there are often products that track the movement of bitcoin in and out of exchanges. One of these is WhaleAlerts, a bot that tracks large transactions across various blockchains and recently, a number of large transactions have shown whales may be accumulating. Bitcoin Whales Go Hard On Friday, WhaleAlerts noted a number of large transactions that were being carried out on the Coinbase platform. These transactions consisted of hundreds of millions of dollars worth of BTC being sent out of the exchange. All of these transactions, less than ten in total, came out to a total of more than $1.3 billion being moved out of the exchange in the space of a single space. Related Reading | Bitcoin Outflows Spike As 30k BTC Exits Exchanges, Reserve Plunges Down These BTC were sent to unidentified wallets, presumably to cold wallet storage. One transaction alone carried 9,901 BTC, and at the time of the move, the value of these coins came out to a total of $387 million. BTC recovers north of $38k | Source: BTCUSD on TradingView.com As expected, investors in the space were following these transactions closely. Lark Davis, a popular crypto analyst, noted these transactions on his Twitter page. Davis said in his caption that while these could just be internal transactions, meaning Coinbase moving money aroun...