Bitcoin network welcomes 13 new whales amid spike in exchange outflows

The Bitcoin (BTC) network has welcomed 13 new whales amid a recent spike in outflows on cryptocurrency exchanges. The largest cryptocurrency on the market reached a milestone in exchange outflows given its recent price drop.

More than $750 million worth of BTC tokens were withdrawn from exchanges on March 14, the highest amount since May last year, as noted in recent data shared by cryptocurrency analytics platform IntoTheBlock. According to the data, the majority of withdrawals came from cryptocurrency exchanges Bitfinex ($524 million) and Kraken ($130 million).

Renowned cryptocurrency analyst Ali Martinez noted that the Bitcoin blockchain obtained 13 new whales, each with more than 1,000 BTC tokens given the momentary pause in the recent bull rally driven and led by the largest cryptocurrency.

“As the Bitcoin rally takes a momentary pause, it is noteworthy that 21,401 BTC were withdrawn from cryptocurrency exchanges last week, and the network welcomed 13 new whales, each worth over $1,000 BTC”, wrote the expert.

As the #Bitcoin bull run momentarily pauses, it’s noteworthy that 21,401 #BTC have been moved off crypto exchanges over the past week, and the network has welcomed 13 new whales, each holding over 1,000 $BTC. pic.twitter.com/oSXaKBR4Z1

— Ali (@ali_charts) March 16, 2024

The price of Bitcoin (BTC) entered correction mode and even showed a significant drop in the last day. The largest cryptocurrency fell below the $68,000 price level for the first time yesterday since March 8, and altcoins ended up bleeding significantly as a result.

At the time of publication, the price of Bitcoin was quoted at US$67,922.85, up 0.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$50,804,629,455. In the last 30 days, the price of Bitcoin has increased by 29.7%.

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