Two New Wallets Withdraw $99 Million in Bitcoin From Exchanges
Despite the market downturn, Lookonchain reports that whales are increasing their BTC and ETH holdings, with significant withdrawals from Binance and OKX.
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Fact Check
Multiple sources (8, 9, and 10) directly corroborate the statement, providing specific details that two newly created wallets withdrew a combined 851 BTC worth about $99 million from exchanges. The information is attributed to the on-chain analytics platform Lookonchain, lending it high credibility.
Summary
Lookonchain data reveals that whales continue to accumulate Bitcoin and Ethereum despite the market decline. A new wallet withdrew 584.72 BTC worth $63.91 million from Binance 13 hours ago, while another withdrew 3,884 ETH valued at $15.57 million from OKX five hours ago.
Terms & Concepts
- Whale Withdrawal: A significant transfer of cryptocurrency by a large holder (whale) from exchanges to private wallets, often signaling long-term holding or reduced market liquidity.
- BTC: Bitcoin, the first and most well-known cryptocurrency, often used as a benchmark in the digital asset market.
- ETH: Ethereum, the second-largest cryptocurrency by market capitalization, known for its smart contract functionality and decentralized applications.