A closely watched crypto analyst says nearly $1 billion worth of Bitcoin (BTC) has been pulled from crypto exchanges in recent weeks as deep-pocketed investors stock up on Ethereum (ETH) and XRP at the same time.
Crypto analyst Ali Martinez say Social media platform X reported that market participants have withdrawn large amounts of BTC from crypto exchanges over the past two weeks.
“Over the past two weeks, approximately 25,000 BTC have been withdrawn from known crypto exchange wallets, worth almost $1 billion!”
Bitcoin is trading at $37,215 at the time of writing, down 1.5% over the past day.
Martinez continues remark that crypto whales have paid more attention to Ethereum. According to the analyst, wealthy traders have accumulated ETH for the first time in nine months, signaling a possible upcoming rally.
“For the first time in nine months, whales are steadily accumulating ETH for nine consecutive days. The increasing buying pressure could be a strong signal for bullish price action on ETH.”
Martinez focuses this attention on XRP say that crypto whales have bought millions of dollars worth of altcoins in the past week.
“On-chain data shows that XRP whales purchased approximately 11 million XRP last week, worth approximately $6.82 million!”
Ethereum is trading at $2,047 at the time of writing, while XRP is worth $0.612.
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Featured image: Shuttrestock/Moksha Labs/Sensvector
