Bitcoin, Exchanges Withdraw Massively Again...Signaling a Rebound?

Following last week's mass exodus of bitcoin (BTC) from exchanges, new analysis suggests that bitcoin may be on the verge of a rebound.

On-chain analytics platform Whalealot reported on April 22 (local time) that a total of $1 billion worth of BTC deposited on cryptocurrency exchanges left external wallets in five overnight transfers. This is the second major bitcoin exodus from Coinbase in the past week, after a total of 8,176 bitcoins left Coinbase to external wallets in a series of transfers on April 18.

This is the largest amount of bitcoin to leave the exchange in a short period of time. Foreign media have emphasized that the move could lead to another round of price volatility for bitcoin. This is because cryptocurrencies that leave exchanges are generally considered to be off-limits for sale. "Bitcoin deposited on Coinbase left external wallets in a total of five transfers, the smallest of which was for approximately 4,799 bitcoins," wrote crypto news outlet Zcrypto, adding, "All five transfers occurred within 24 hours, the largest bitcoin transfers ever recorded by Coinbase." "Two of the five large transfers occurred from Coinbase," it added, "These large transfers appear to be the result of strategic bitcoin placement by whale wallets and the price action they create."