A massive 30,000 BTC was transferred into unknown wallets over the past week, leading many investors to wonder about the current outlook concerning Bitcoin. When big money moves into cold storage, it reduces selling pressure because it often indicates that whales and institutional investors are expecting the price to go up and opting for self-custody.
Massive Exodus Of BTC To Cold Storage
Data from CoinGlass shows that almost 30,000 BTC have been moved off exchanges in the past week. With Bitcoin currently trading around $26,000, this equates to over $780 million moved into cold storage.
Most of this movement has come from Binance, with an 11,457 BTC net change in its reserves. Coinbase, Bitfinex, and Gemini also witnessed a net exodus of 4,455 BTC, 2,808 BTC, and 6,004 BTC, respectively. In contrast to this, the crypto exchange OKX had 2,149 BTC moved into its exchange.
On-chain whale movement alerts from Whale Alerts this week have also shown various instances of BTC movement off crypto exchanges into unknown wallets: