Bitcoin Whale transactions surge as $1,046,164,730 in BTC exits crypto exchanges in just 24 hours
Bitcoin (BTC) whales are making headway as over $1 billion in BTC has drained from crypto exchange platforms in the past 24 hours.
According to data from crypto insights firm Santiment, well-funded BTC investors made over 4,000 transactions per day this week, each for at least $1 million, after hitting a low of around 2,300 transactions per day in early April.
“Bitcoin sees continuous supply of around 4,000 whale transactions worth over $1 million Monday through Friday, slight slowdowns over the weekend.”
Source: Santiment/Twitter
Santiment says big jumps in activity could mean the leading digital asset is poised to erase losses posted in April, after rising just weeks earlier to highs not seen since late 2021.
“Big increases [in transactions] are what we are looking for to predict a price recovery after the April retracement.”
The market research firm also notes that a staggering 25,878 BTC worth nearly $1.05 billion left crypto exchange platforms in the last day, the biggest difference between inflows and outflows over the past five weeks.
Santiment also notes that large volumes of outflows could mean a price rally is on the horizon for the leading crypto asset by market cap.
“In the past, large amounts of BTC migrating from exchanges led to price surges when the pattern lasts a few days for the pattern to hold.”
Bitcoin is trading at $40,325 at the time of writing, down 16% from its 30-day high of $47,938.
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