Gate.io Records Massive Bitcoin Withdrawal From The Exchange

As the cryptocurrency market continues its attempts at recovery, one of the top crypto exchanges, Gate.io, faced a significant outflow of Bitcoin.

A single entity withdrew over $120 million in Bitcoin (BTC) from the exchange, marking the second-largest withdrawal in its history, according to whale tracker Mr. Whale. The crypto exchange currently has a remaining 7,000 BTC on the market, causing concern among market observers.

A recent report from a leading news source has revealed that the availability of Bitcoin on exchanges has reached a record low of 2.24 million Bitcoins. In addition, the market saw a significant outflow over the weekend, with nearly 10,000 BTC leaving the exchanges, adding to concerns about the current state of the market.

JUST IN: Over $120,000,000 worth of #Bitcoin has been withdrawn out of https://t.co/YuVXIAB3Sj exchange by a single entity, the second largest in its history. pic.twitter.com/JLu5mZWXQH

— Mr. Whale (@WhaleWire) February 5, 2023

Bitcoin Active Addresses Record A Boost

After a prolonged bearish phase, the cryptocurrency market has seen a resurgence in 2023, with Bitcoin leading the charge. The world’s largest cryptocurrency holds a dominant 40% of the market with a market cap of $442 billion, driving the overall market cap to a staggering $1.1 trillion.

Bitcoin is currently trading below the $22,854.36 mark with a 24-hour trading volume of $26 billion, experiencing a 33% increase in a day. Its price has risen 35% in the last 30 days but has declined by 4% in the past week and 2% in the past day.

The number of Bitcoin addresses holding a balance of 0.01 or more has reached a new all-time high, surpassing 11.5 million, as per Glassnode. This follows a recent surge in Bitcoin’s price and a rise in active addresses, which now exceeds 805,000. Additionally, BTC’s Fear & Greed Index has reached the “Greed” zone and risen to 56 points.