Quick Take
The digital asset landscape is seeing a noteworthy surge in Bitcoin whale activity, as signaled by CryptoSlate’s recent data analysis. Amid a 20% pullback from Bitcoin’s highs, these whales – entities holding 1k BTC or more – appear to be capitalizing on the opportunity to accumulate. A marked uptick in activity reveals a withdrawal of approximately 38k Bitcoin from exchanges, notably surpassing the 24k BTC deposited on Jan. 22. This suggests a penchant for buying, even as the price dips under $40,000.
Withdrawals have been outstripping deposits for six consecutive days. This divergence hit its peak on Jan. 17, with a staggering 22k Bitcoin difference. Jan. 22 witnessed a similar trend, albeit on a slightly reduced scale, with a 13k Bitcoin difference.
This trend of higher withdrawals than deposits suggests that whales are currently more inclined to move their Bitcoin holdings out of exchanges.
![Number of whales with balance >1k](https://cryptoslate.com/wp-content/uploads/2024/01/whale.png)
Simultaneously, the number of Bitcoin whales is increasing. The count has grown from 1,480 BTC to 1,513 BTC, a measure not seen since July 2022.
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