Massive Bitcoin (BTC) Withdrawals by Whales Have Captured Market Attention

Massive Bitcoin withdrawals by large investors—commonly referred to as “whales”—have drawn widespread attention.

Large investors, often called "whales," have been making massive Bitcoin (BTC) withdrawals from major exchanges, catching the attention of crypto trackers.

On April 17, OnchainDataNerd reported that several big-name crypto firms moved seven-figure sums of BTC from Binance (NASDAQ:BNB) and Kraken to cold wallets within a single day. Among them was Galaxy Digital, which withdrew 554 BTC (about $76.74 million) from Binance and OKX.

Another large investor, Abraxas Capital, pulled out a substantial 1,854 BTC (roughly $157.26 million) from Binance and Kraken. Additionally, two other whales, linked to the wallet addresses 1MNqX and 1BERu, collectively withdrew over $90 million in BTC from Coinbase (NASDAQ:COIN).

In total, over $280 million worth of Bitcoin was withdrawn from exchanges on April 17 alone. Such moves are usually seen as bullish. When whales move their coins into cold storage, it typically signifies no immediate plans to sell, reducing market supply and potential sell pressure.

New Bitcoin Investors Enter the Market

The surge in activity isn't limited to large holders. According to on-chain analytics firm Glassnode, there's a significant rise in first-time Bitcoin buyers, which could drive short-term momentum.

Glassnode’s data shows that the 30-day Relative Strength Index (RSI) for new buyers has reached 97.9, indicating a major influx of retail participation in the past month. This level of RSI is usually a precursor to short-term rallies or overheated market conditions.

Technical Indicators Flash Buy Signals

Analyst Ali, in a recent post on X (formerly Twitter), noted that the TD Sequential—a popular momentum indicator—has issued a buy signal on Bitcoin’s weekly chart. This development suggests potential for further upward movement, especially if current price levels hold.

Currently, Bitcoin is trading above $80,000, inching closer to the key resistance at $86,000. Breaking and closing above this level would be seen as confirmation of a renewed bullish trend. Without a breakout, however, there’s still a risk of consolidation or a minor pullback.

Mixed Signals from Bitcoin ETF Flows

Although whale activity and new investor interest are strong, institutional flows are showing signs of caution. Data from Farside indicates that inflows into Bitcoin ETFs have dropped sharply in recent weeks.

ETF activity often mirrors institutional sentiment, so this decline may suggest cooling interest or a wait-and-see approach from large investors.

Unstaking Activity Adds to Market Uncertainty

Further adding to the market complexity, on-chain data from Lookonchain revealed that over 12,600 BTC, valued at $1.26 billion, has been unstaked from Babylon.

If this freshly unlocked capital makes its way back to exchanges, it could increase selling pressure, complicating Bitcoin’s attempt to push past its resistance zone.

What Lies Ahead For Bitcoin Price

Bitcoin's path forward is uncertain. On the hand, large-scale withdrawals and technical buy signals are bullish. However, rapidly decreasing ETF inflows and potential selling pressure from unstaked BTC add a note of caution.

For now, the $86,000 price point is critical to watch. A decisive move above this threshold could set the stage for a new leg up in Bitcoin’s price journey.