A newly created wallet has withdrawn 500 BTC, worth $32.81 million, from crypto exchange Bitfinex. The transaction was flagged by blockchain tracker OnChainLens, as such large Bitcoin movements off exchanges provide important clues for potential liquidity and sentiment changes.
The withdrawal was sent from Bitfinex’s hot wallet to an unidentified wallet over the past two days across three separate transactions. The wallet was created two days ago with a starting balance of 0.1 BTC and added 4.9 BTC on the same day. Earlier today, the wallet added 495 BTC, bringing the total wallet balance to 500 BTC. At Bitcoin’s current price of $66,000, the 500 BTC holding is valued at $33.15 million.
Bitcoin Accumulation Ramps Up
The current dreary macro environment presented a buying opportunity for many Bitcoin whales as renewed Bitcoin outflows from exchanges began setting off alerts across the crypto market. For instance, Rich Dad Poor Dad author Robert Kiyosaki bought 1 BTC at $67,000, citing US dollar crash fears.
Additionally, market analyst Ali Martinez revealed a massive accumulation trend among Bitcoin whales over the past week. He reported that whales have accumulated over 30,000 BTC in that week alone.
Institutional players and corporate holders have also ramped up Bitcoin accumulation in recent times. Michael Saylor’s Bitcoin treasury firm, Strategy, recently surpassed 717,000 BTC, the largest held by a corporate Bitcoin holder. American Bitcoin has also boosted its Bitcoin holdings to 6,061 BTC with several strategic buys during Bitcoin pullbacks.
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Market Conditions Prime for Accumulation
The new wallet’s Bitcoin withdrawal and the recent surge in Bitcoin exchange outflows follows Bitcoin’s recent measured price action. Over the weekend, Bitcoin experienced a sudden 5% drop and fell below the $65,000 support level, its weakest level in weeks. The price slump triggered a wave of liquidations as leveraged traders were forced out of positions.
The sell-off was tied to broader financial market jitters, including renewed uncertainty around U.S. trade policy and tariff announcements that rattled the cryptocurrency market. As the slump progresses, major tokens including Ethereum, Solana, and XRP also posted significant drops, contributing to an overall pullback.
Despite these conditions, the Bitcoin price is currently back up to $66,208, evidently assisted by the increased Bitcoin whale accumulation. Market participants will continue to watch exchange flows as they reduce immediate liquid supply, thus reducing sell pressure on Bitcoin and the overall crypto market. Sustained withdrawals off centralized exchanges may present a signal that whales are choosing to hold on to their tokens, rather than sell off — usually a bullish catalyst.
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Temitope Olajide
The CoinRemark Team
