Bitcoin Worth More Than $3.45 Billion Has Exited Crypto Exchanges Amid BTC Whales Going Parabolic

BTC has been exiting crypto exchanges in droves as Bitcoin continues to hover above the $62,000 level.

Taking on X, formerly Twitter, leading market analyst Ali Martinez highlighted this trend and stated, “A whopping 76,670 BTC have flown out of crypto exchanges in the last month alone, totalling over $3.45 billion.”

Source: Glassnode

Therefore, heightened hodling continues to engulf the Bitcoin market, given that coins usually leave crypto exchanges for future purposes other than speculation.

Furthermore, this trend reduces selling pressure since one of the primary reasons for cryptocurrencies being kept in exchanges is for liquidation purposes.

Why are BTC Whales Going Parabolic?

Given that Bitcoin recently popped above the $62,000 level for the first time since November 2021, network activity has been scaling heights.

For instance, whales have been on an accumulation spree, showing highlighted confidence and interest.

Martinez pointed out, “Bitcoin whales are going parabolic! In just the last month, over 150 new BTC addresses, each holding more than 1,000 BTC, have been created.”

Source: Glassnode

This trend shows that whales keep a keen eye on the BTC network as the apex cryptocurrency continues trading at levels last seen in November 2021.

As Bitcoin enjoys significant inflows, the leading coin continues to call the shots in terms of crypto investment products.

For instance, BTC recorded weekly inflows of $570 million, significantly outshining other crypto assets, according to CoinShares data.

The weekly inflows for Ethereum, Chainlink, and XRP stood at $17 million, $1.8 million, and $1.1 million, respectively.

Bitcoin has been enjoying significant capital inflows thanks to spot BTC ETFs.