Bitcoin Whales Withdraw $280 Million: Bullish Signal?

Massive Bitcoin withdrawals worth hundreds of millions of USD from major exchanges have sparked significant interest in the crypto community. 

However, if Bitcoin fails to break the $86,000 barrier, a price correction remains a real possibility, especially amid wavering investor confidence.

Bitcoin Whales Withdraw Hundreds of Millions in BTC

Data from the X account OnchainDataNerd on April 17, reveals that several large Bitcoin whales executed substantial withdrawals from top exchanges. Galaxy Digital withdrew 554 BTC, valued at approximately $76.74 million, from OKX and Binance.

Abraxas Capital pulled out 1,854 BTC, worth around $157.26 million, from Binance and Kraken.

Two other whales, identified by addresses 1MNqX and 1BERu, withdrew 545.5 BTC ($45.5 million) and 535.2 BTC ($45.44 million) from Coinbase, respectively. In a single day, over $280 million in Bitcoin was removed from exchanges.

Such withdrawals from Bitcoin whales, like those by Galaxy Digital and Abraxas Capital, often signal a strategy to move BTC into cold storage. This is typically viewed as a bullish sign, reducing selling pressure and reflecting expectations of future price increases.

Surge in First-Time Bitcoin Buyers

A report from Glassnode on X highlights a sharp rise in first-time Bitcoin buyers. This influx of new investors could drive short-term price gains. However, long-term holders (LTHs) have paused their accumulation, signaling caution amid heightened market volatility.

In a post on X, the analyst Ali used the TD Sequential technical indicator to forecast Bitcoin’s price trend. The TD Sequential flashed a buy signal on the Bitcoin weekly chart.

If Bitcoin consistently closes above $86,000, further price increases are likely. Currently, Bitcoin is hovering above $80,000, indicating growth potential. However, surpassing the critical $86,000 resistance level is essential to confirm the bullish trend.

Despite recent whale accumulation, not all signals are positive. Inflows into Bitcoin ETFs have dropped significantly. This decline suggests weakening investor confidence, which could exert downward pressure on prices without fresh catalysts.

Additionally, data from Lookonchain indicates that over $1.26 billion in Bitcoin was unstaked from Babylon. If this capital flows back to exchanges, selling pressure could intensify, making it harder for Bitcoin to breach key resistance levels.