Balance of Bitcoin whales has likewise increased by 220,000 BTC this year
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The withdrawal of such a large amount of Bitcoin from exchanges might potentially cause a supply crunch, in which demand for BTC surpasses available supply. This scenario might pave the way for a bullish rally.In an April 4 tweet, Ali reported 21,400 BTC, worth around $1.40 billion, being moved to accumulation addresses that have never spent funds in a single day.
This year, the balance of whales has increased by 220,000 BTC, totaling $14.2 billion, with 210,000 of these BTC coming from net inflows into ETFs, which have powered the vast bulk of the whales' accumulations. This has pushed Bitcoin to fresh all-time highs, contributing to increased demand for crypto assets.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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