An unknown and mysterious entity recently took out $120 million in Bitcoin whale from the major exchange Gate.io. This sizable Bitcoin withdrawal is the second-largest in the history of the platform. It’s unclear whether the entity behind this move is an individual or a financial organization that decided to sell its Bitcoin holdings. The withdrawal occurred on Saturday, following Bitcoin’s peak at $23,652.
In a tweet, Mr. Whale reported, “JUST IN: Over $120,000,000 worth of #Bitcoin has been withdrawn out of Gate.IO exchange by a single entity, the second largest in its history.”
Currently, Gate.io, the cryptocurrency exchange, has 7,000 BTC left in the market after the recent significant withdrawal of $120 million in Bitcoin. A report from Investing.com indicates that in February alone, whales withdrew over 10,000 BTC. These withdrawals followed a notable price recovery for Bitcoin, which surged from $16,500 in January to $23,600 in February, marking an increase of almost 40% in just 35 days.
Bitcoin Whale: BTC Reclaims Dominance Among Whales & Retail Investors
Approximately 620,000 new Bitcoin addresses emerged since January 2023 following BTC’s display of resilience and subsequent price surge. Most of these addresses contain 0.1 BTC, indicating a cautious exploration of the potential for an upcoming bullish market. Some of these smaller addresses are owned by individual retail investors seeking to capitalize on Bitcoin’s recent upward momentum.
Approximately 620,000 small #Bitcoin addresses reappeared on the network since the resurgence of FOMO on January 13th, coinciding with the price reclaiming the $20,000 mark. These addresses, holding 0.1 $BTC or less, experienced gradual growth in 2022, but 2023 is witnessing a revival of trader confidence, as reported by Santiment.
Currently, Bitcoin is valued at $22,970, reflecting a 1% decline in the 24-hour trading period. Additionally, BTC has seen a 66.7% decrease from its peak of $69,044 in November 2021.
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