• A single whale withdrew over $120 million in Bitcoin from crypto exchange Gate.io over the weekend.
• This is the second-largest withdrawal in the history of Gate.io, with only 10,000 Bitcoin leaving exchanges across the board.
• Currently, 2.24 million Bitcoin are sitting on exchanges, which is the lowest level in five years.
Single Whale Withdraws Over $120M in Bitcoin
A single entity recently withdrew over $120 million worth of Bitcoin from crypto exchange Gate.io, making it one of the largest withdrawals ever made from the platform and sending a huge amount of coins into circulation.
Weekend Withdrawal Affects Exchange Balances
Roughly 10k BTC have been moved off exchanges this past weekend, resulting in a lower balance on exchanges than usual; currently there are only 2.24M BTC sitting on them – the lowest level in five years according to Glassnode analytics data. Gate.io has now 7K BTC left within its reserves after this massive transaction occurred.
Bitcoin Net Transfer Volume by Size
The net transfer volume by size shows that most of these transfers were quite large; however, some smaller ones still took place as well and may have contributed to this drastic drop in balances across all exchanges worldwide.
Implications for Crypto Market Going Forward
This could be either bullish or bearish news depending on what direction you’re looking at it from: if it’s a whale taking profits off their investments then that could send prices down as they dump their coins; but if they’re preparing to buy back into the market then that could also be seen as a sign of confidence and result in increased prices overall due to increased demand coming from them alone!
Conclusion
It’s clear that cryptocurrency markets are still being heavily influenced by whales who can move large sums of money around with just one transaction – making them powerful players when it comes to price movements and market sentiment alike!