quick take
Last Saturday, July 1st, Bitcoin’s drop from exchanges was the second largest of the year. Around 20,000 bitcoins were withdrawn from exchange platforms in a major move highlighting the high activity within the cryptocurrency market.
This large withdrawal is categorized as a “whale withdrawal” and is shown in orange in the chart below and represents a transfer of funds between $1 million and $10 million.
A “whale” is an individual or entity that holds a large amount of a particular cryptocurrency and can influence market trends.
This pivotal transaction will reportedly take place on Coinbase, reinforcing the volatility and dynamism of the cryptocurrency market and highlighting the impact of the “whale” trading on overall market conditions.
Bitcoin’s second biggest drop in trading balances in 2023 first appeared on CryptoSlate.
