🔥$7.55 Billion BTC Pulled From Exchanges in a Month: Mystery Surrounds the Disappearance of 111,000 BTC!🤔🚀

A staggering move of nearly 111,000 Bitcoin – valued at about $7.55 billion – exited exchange wallets in just the past month. This mass departure underscores a steady decline in Bitcoin availability on exchanges, hinting at a shift away from these platforms.

One possible reason for this exodus could be a growing preference among investors to stash their Bitcoin in private wallets instead of leaving them on exchanges.

Moreover, institutional adoption of Bitcoin has ramped up recently. Institutional players may opt to safeguard their holdings in private or cold wallets for long-term security.

The withdrawal of such a substantial amount of Bitcoin from exchanges could potentially trigger a supply shortage, where demand for Bitcoin outstrips available stock – a situation ripe for a bullish surge.

A whopping 21,400 BTC, valued at roughly $1.40 billion, moved into accumulation addresses that have never spent any funds in a single day.

On-chain analytics firm IntoTheBlock reports that Bitcoin ETFs have accumulated over 4% of the BTC supply in less than three months.

The balance of whales – addresses holding 1,000 BTC or more – has seen a dramatic surge since the inception of ETFs, reaching its highest point since June 2022. This year alone, whales have amassed an additional 220,000 BTC, totaling $14.2 billion, with 210,000 BTC flowing in through ETFs, driving the majority of whale accumulations.

This surge has propelled Bitcoin to new all-time highs, further fueling demand for crypto assets.

At the time of writing, BTC surged by 2.27% in the last 24 hours, reaching $70,656.

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