Bitcoin (BTC) whales are making moves as over $1 billion in BTC has flowed out from crypto exchange platforms over the last 24 hours.
According to data from crypto insights firm Santiment, deep-pocketed BTC investors have been making over 4,000 transactions per day this week, each over at least $1 million, after hitting a low of around 2,300 transactions per day in early April.
“Bitcoin is seeing a continued steady supply of ~4,000 whale transactions exceeding $1 million Monday through Friday, mild slowdowns on weekends.”
Santiment says that big jumps in activity could mean that the leading digital asset is ready to recover the losses it posted in April after it rallied to heights it hadn’t seen since the end of 2021 just a few weeks prior.
“Large increases [in transactions] are what we are looking out for to foreshadow a price bounce after April’s retrace.”
The market intelligence company also finds that a staggering 25,878 BTC worth just under $1.05 billion left crypto exchange platforms during the last day, the biggest difference between inflows and outflows seen in the last five weeks.
Santiment also notes that large amounts of outflows could mean a price rally is on the horizon for the top crypto asset by market cap.
“Historically, large quantities of BTC moving off exchanges lead to price rises given a few days for the pattern to hold.”
Bitcoin is exchanging hands at $40,325 at time of writing, a 16% decrease from its 30-day peak of $47,938.
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