The city of Miami, Florida witnessed a significant movement of Bitcoin (BTC) whales in the past week. As the price of Bitcoin surged above $73,000, these whales made hefty withdrawals from exchanges, totaling over 21,000 BTC. Crypto analyst Ali Martinez highlighted this activity, noting the withdrawal of 21,401 BTC to cash in on the profits from the BTC price rally.
Thursday, March 14th, marked a substantial day for Bitcoin whales as $752 million worth of Bitcoin was withdrawn from exchanges, the largest single-day withdrawal since May 2023. This massive movement of BTC had immediate consequences, leading to a notable crash in Bitcoin prices on Friday, March 15th. The bearish trend extended beyond Bitcoin, affecting the entire crypto market, with the fall accelerated by the release of the hot Producer Price Index (PPI) report on Thursday.
Data from Coinglass revealed that there is currently only $1.81 million worth of BTC available on exchanges, emphasizing the significance of the Bitcoin supply shock. Despite the price decline, the network saw the emergence of 13 new whales holding over 1,000 BTC each. However, the downward trend in Bitcoin prices continued, further contributing to market volatility.
The Bitcoin price experienced a significant decline, dropping below $65,000 and marking a 13% plunge from its all-time high of $73,836. As of the latest update, the Bitcoin price plummeted by 6.28% to $64,909.21 on Sunday, March 17th, with a market cap of $1.27 billion. Despite the recent downturn, Bitcoin still maintained gains of over 25% in the past month, indicating continued market resilience.
Additionally, data from Coinglass showed that $145.34 million in Bitcoin liquidations occurred within the previous 24 hours, with long positions accounting for $125.81 million of the total. This influx of liquidations notably impacted the recent price crash, while short traders capitalized on the bearish market conditions.
The ongoing market volatility and the movements of Bitcoin whales shed light on the challenges and opportunities present in the cryptocurrency space. As investors navigate through price fluctuations and market dynamics, the resilience of Bitcoin and its impact on the wider cryptocurrency market remain key areas of observation and analysis.