A closely followed crypto analyst says that close to $1 billion worth of Bitcoin (BTC) has been pulled from crypto exchanges in recent weeks as deep-pocketed investors simultaneously stockpile Ethereum (ETH) and XRP.
Crypto analyst Ali Martinez says on the social media platform X that market participants have been yanking large amounts of BTC from crypto exchanges in the last two weeks.
“Around 25,000 BTC have been withdrawn from known crypto exchange wallets in the last two weeks, worth nearly $1 billion!”
Bitcoin is trading for $37,215 at time of writing, a 1.5% decrease during the last day.
Martinez goes on to note that crypto whales have given more attention to Ethereum. According to the analyst, for the first time in nine months, high-net-worth traders have been accumulating ETH, signaling a possible upcoming rally.
“For the first time in nine months, whales have been on a steady ETH accumulation spree for nine consecutive days. The increasing buying pressure could be a strong signal for ETH bullish price action.”
Turning this attention toward XRP, Martinez says that crypto whales have purchased millions of dollars worth of the altcoin during the past week.
“On-chain data shows that XRP whales have purchased around 11 million XRP over the past week, worth roughly $6.82 million!”
Ethereum is trading for $2,047 at time of writing while XRP is worth $0.612.
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