After the recent price rally seen across the broad crypto market, momentum appears to be growing strong as the market has seen multiple Bitcoin withdrawals in the past hours.
On Friday February 28, blockchain monitoring platform Whale Alert, shared data revealing that large stacks of Bitcoin have been withdrawn from leading crypto exchange Bitget in two massive transactions carrying 2,000 BTC each.
4000 BTC exits BitGet in Minutes
The transfers, which made a total of 4000 BTC were worth about $134.85 million and $136.04 million respectively at the time they were each sent to an unknown wallet.
While both transfers are worth about $270 million in total, they have fueled speculation across the crypto community about potential large-scale offline accumulation.
Meanwhile, speculators leaned more on the narrative that high-profile Bitcoin holders and institutions are increasingly showing conviction in the leading cryptocurrency, fueling hopes of a major recovery from recent lows.
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Although the large Bitcoin transfer is perceived to be a bullish move, Bitcoin’s price move afterwards has begun to show weak signals as it has suddenly flipped negative.
Over the last 24 hours, data from CoinMarketCap shows that Bitcoin has declined 2.47%, trading at $66,055 as of writing time.
Bitcoin accumulation grows
It is important to note that when Bitcoin is moved off trading platforms, it is often a bullish signal as it suggests that the holder may be moving the assets into private wallets rather than preparing to sell.
Notably, this reduces the amount of BTC readily available on exchanges, potentially tightening supply if buying pressure increases.
Although the purpose of the transactions were not declared, commentators are convinced that the move is a buy attempt following the belief that large investors often accumulate quietly during downturns rather than broadcasting their intentions publicly.