The volatility of the bitcoin price since September 2 has definitely increased the uncertainty in the markets. While the $ 2,000 depreciation of the bitcoin price colors the whole market red, the whales are also not overlooked.
According to the transaction information provided by Whale Alert, it is seen that in the last 13 hours, whales have transferred Bitcoin worth a total of $ 90 million, withdrawing them from exchanges and transferring them to different wallets. Funds seem to have been withdrawn from Bitstamp and OKEx cryptocurrency exchanges, especially from the Xapo cryptocurrency wallet.
— Whale Alert (@whale_alert) September 7, 2020
Mobility in Bitcoin Wallets
In total, it is seen that 5,800 Bitcoins were withdrawn in this way, followed by 3,000 BTC transferred from the Bitstamp crypto money exchange to the Xapo wallet. So what exactly do these hefty transfers mean and should investors be worried?
In fact, it is definitely a positive sign that whales withdraw their funds from crypto exchanges and transfer it to their wallets. This suggests that the selling pressure will decrease and whales prefer to HODL over active trading. If the opposite happened and there was too much BTC flow to the stock markets, this could literally indicate a decline.
As a matter of fact, a record number of BTC was transferred to stock exchanges before March 2020, and those that followed had swept the whole market in blood. This shows that these massive transfers are positive for the time being, but BTC needs more to recover.