A rare trend has emerged as Bitcoin whales withdraw significant sums from cryptocurrency exchanges. In the context of Bitcoin, there has been an interesting shift over the past two weeks, with whale entities, defined as wallets holding at least 1,000 BTC, consistently withdrawing more funds from exchanges than depositing them.
According to data from Glassnode, approximately 100,000 BTC have been withdrawn, marking an unusual trend that has persisted for a continuous 14-day period. These transactions indicate that BTC is moving from exchange wallets to whale entities.
The increase in whale activity began around January 16th, shortly after Bitcoin experienced a daily drop of 7.5%, the highest daily drop since the FTX crash in November 2022. Notably, the number of whales has risen from 1,513 to 1,563 during this period. This increase is noteworthy because it nearly offsets the decline in the number of whales seen in 2022, bringing the number of whales close to its highest level of nearly 1,600 last year.