COINOTAG News reported on November 6th that Onchain Lens has identified significant activity in the cryptocurrency market. Over the past five days, a notable whale or institutional investor has withdrawn approximately 2,618 BTC from a centralized exchange (CEX), translating to a substantial value of around $182 million. This strategic move underscores the current market dynamics as the investor employs various intermediary wallet addresses to accumulate their Bitcoin holdings. Such behavior often indicates a long-term bullish outlook, as large players seek to minimize their exposure on exchanges. Analysts suggest that this kind of accumulation may signify a potential tightening of supply in the market, which could impact pricing and volatility. The growing trend of institutional engagement in cryptocurrencies highlights the ongoing maturation of the market, reaffirming the asset class’s role in diversified portfolios.
Source: https://en.coinotag.com/whale-withdrawal-2618-btc-moved-from-cex-as-institutions-accumulate-bitcoin/