{"id":548970,"date":"2023-08-26T15:00:07","date_gmt":"2023-08-26T15:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=548970"},"modified":"2024-06-11T08:13:32","modified_gmt":"2024-06-11T08:13:32","slug":"btc-exodus-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/btc-exodus-bitcoin-price\/","title":{"rendered":"Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price"},"content":{"rendered":"

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.<\/span><\/p>\n

Massive Exodus Of BTC To Cold Storage<\/h2>\n

Data from CoinGlass <\/span>shows that almost<\/span><\/a> 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.\u00a0<\/span><\/p>\n

Related Reading: Cathie Wood\u2019s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay<\/a><\/div>\n

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.<\/span><\/p>\n

On-chain whale movement alerts from Whale Alerts this week have also shown various instances of BTC movement off crypto exchanges into unknown wallets:<\/span><\/p>\n

\n

\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 5,140 #BTC<\/a> (134,268,844 USD) transferred from #Bybit<\/a> to unknown wallethttps:\/\/t.co\/LWXJsbooVX<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) August 25, 2023<\/a><\/p><\/blockquote>\n

\n

\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 2,910 #BTC<\/a> (76,010,381 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/5bD9vpvMAE<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) August 24, 2023<\/a><\/p><\/blockquote>\n

\n

\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 4,000 #BTC<\/a> (106,039,171 USD) transferred from #Bitfinex<\/a> to unknown wallethttps:\/\/t.co\/982bCEb4SO<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) August 24, 2023<\/a><\/p><\/blockquote>\n

Unknown wallets typically mean movement into cold storage, which refers to any method of storing crypto offline. Investors use cold wallets to hold Bitcoin long-term as a way to accumulate their assets.\u00a0<\/span><\/p>\n

For many long-term holders, this is a safer option than keeping large amounts of crypto on an exchange which could be at higher risk of hacks or scams.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price sitting above $26,000 | Source: BTCUSD on Tradingview.com\u00a0<\/a><\/pre>\n
How Is This Bullish For The Price Of Bitcoin?<\/h2>\n
Bitcoin into cold storage points to a bullish outlook from serious investors. It reduces selling pressure since the amount of BTC available for sale on exchanges has become smaller. According to the economic principles of supply and demand, the lower supply is poised to lead to higher prices.\u00a0<\/span><\/p>\n
Related Reading: Here\u2019s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF<\/a><\/div>\n
While it\u2019s not entirely clear what is causing this transition, the timing of this movement to cold storage is also notable. The SEC’s decision on spot Bitcoin ETF applications is imminent, and many believe that approval would lead to a spike in the price of Bitcoin. However, the regulator can still delay the applications for up to 240 days.\u00a0<\/span><\/p>\n
The price of Bitcoin has gone through a considerable dip in the past month as the market <\/span>reacted to various news<\/span><\/a>. At the time of writing, the cryptocurrency is trading at $26,000 and is down by 11.83% in the past month but up by 0.42% in a 7-day timeframe. This would suggest that the movement into cold storage has not had a significant effect, as the price of Bitcoin is still struggling to recover.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 Related Reading: Cathie Wood\u2019s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay 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: \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 5,140 #BTC (134,268,844 USD) transferred from #Bybit to unknown wallethttps:\/\/t.co\/LWXJsbooVX \u2014 Whale Alert (@whale_alert) August 25, 2023 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 2,910 #BTC (76,010,381 USD) transferred from unknown wallet to #Coinbasehttps:\/\/t.co\/5bD9vpvMAE \u2014 Whale Alert (@whale_alert) August 24, 2023 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 4,000 #BTC (106,039,171 USD) transferred from #Bitfinex to unknown wallethttps:\/\/t.co\/982bCEb4SO \u2014 Whale Alert (@whale_alert) August 24, 2023 Unknown wallets typically mean movement into cold storage, which refers to any method of storing crypto offline. Investors use cold wallets to hold Bitcoin long-term as a way to accumulate their assets.\u00a0 For many long-term holders, this is a safer option than keeping large amounts of crypto on an exchange which could be at higher risk of hacks or scams. BTC price sitting above $26,000 | Source: BTCUSD on Tradingview.com\u00a0 How Is This Bullish For The Price Of Bitcoin? Bitcoin into cold storage points to a bullish outlook from serious investors. It reduces selling pressure since the amount of BTC available for sale on exchanges has become smaller. According to the economic principles of supply and demand, the lower supply is poised to lead to higher prices.\u00a0 Related Reading: Here\u2019s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF While it\u2019s not entirely clear what is causing this transition, the timing of this movement to cold storage is also notable. The SEC’s decision on spot Bitcoin ETF applications is imminent, and many believe that approval would lead to a spike in the price of Bitcoin. However, the regulator can still delay the applications for up to 240 days.\u00a0 The price of Bitcoin has gone through a considerable dip in the past month as the market reacted to various news. At the time of writing, the cryptocurrency is trading at $26,000 and is down by 11.83% in the past month but up by 0.42% in a 7-day timeframe. This would suggest that the movement into cold storage has not had a significant effect, as the price of Bitcoin is still struggling to recover. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":548975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,89224,1119,89185,1144,78790],"class_list":["post-548970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-self-custody","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nExodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price<\/title>\n<meta name=\"description\" content=\"A massive 30,000 BTC was transferred into unknown wallets over the past week, sparking speculations about Bitcoin price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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