Bitcoin Whale Withdraws Large Funds from Exchanges
In recent days, massive activity from Bitcoin whales has captured the attention of the crypto market.
The large-scale withdrawal of funds from exchanges suggests a strategic shift that could influence Bitcoin’s price movement going forward.
Large Withdrawals by Bitcoin Whales
Based on information we quoted from Beincrypto media, on April 17, 2025, data from the X account OnchainDataNerd revealed that several Bitcoin whales made significant withdrawals from major exchanges.
Galaxy Digital withdrew 554 BTC worth approximately US$76.74 million from OKX and Binance. Meanwhile, Abraxas Capital withdrew 1,854 BTC valued at around US$157.26 million from Binance and Kraken.
Two other whales, with wallet addresses 1MNqX and 1BERu, withdrew 545.5 BTC (US$45.5 million) and 535.2 BTC (US$45.44 million) from Coinbase, respectively.
In total, more than US$280 million worth of Bitcoin was moved off exchanges in a single day.
This move is often interpreted as a strategy to transfer BTC into cold storage, which is considered a bullish signal as it reduces selling pressure and reflects expectations of future price increases.
Surge in First-Time Bitcoin Buyers
On the other hand, a report from Glassnode shows a sharp rise in the number of first-time Bitcoin buyers.
The influx of these new investors may contribute to short-term price gains.
However, long-term holders (LTHs) have stopped accumulating, indicating caution amid growing market volatility.
Conclusion
The large-scale withdrawals by Bitcoin whales from exchanges point to a long-term strategy that could impact market dynamics.
Meanwhile, the surge of new buyers provides positive momentum in the short term.
However, with long-term holders halting their accumulation, the market remains in a state that requires close monitoring.
