Bitcoin Exchanges Report Massive Withdrawals as Price Eyes $12K-Retest
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The amount of Bitcoin tokens held across all cryptocurrency exchanges dropped dramatically earlier this week. A $1.23 billion worth of Bitcoin tokens moved out of all the cryptocurrency exchanges a day after BTC/USD fell $1,500.
Source: Crypto Quant The sequence led on-chain analyst Cole Garner to assume that Bitcoin whales–entities holding larger quantities of crypto tokens– saved the cryptocurrency from falling anywhere below $10,500. One of the respondents to his tweet, CryptoQuant itself, argued that exchanges, too, periodically migrate cryptocurrencies from their hot wallets to cold wallets.
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