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Bitcoin’s Largest Whale Address Moves $2.26B as BTC Price Drops 3.4%

Santiment, a crypto analytics firm, has reported that one of the largest whale addresses in the Bitcoin network has become extremely active, transferring $2.26 billion worth of BTC out of its possession. This whale address is said to be a cold wallet belonging to the cryptocurrency exchange Binance. BTC is currently trading at $27,680, indicating a 3.4% decrease over the past 24 hours, according to Coingecko data.

This news is significant because Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%, a considerable decrease. This suggests that the Bitcoin market is experiencing a shift, as investors seem to be moving away from centralized exchanges towards self-custody options, such as personal wallets.

Source: Santiment

The decreasing supply of Bitcoin on exchanges is a positive sign for the cryptocurrency market. It means that more investors are choosing to hold their Bitcoin in personal wallets rather than leaving them on exchanges. This approach allows traders to have more control over their funds and reduces the risk of losing their assets due to hacking or exchange failures.

This trend towards self-custody is further reflected in another piece of news: the amount of Bitcoin on exchanges is now at its lowest ratio since December 2017. The five and a half year low indicates that investors are becoming increasingly interested in self-custody options and are less likely to sell their Bitcoin back to exchange wallets.

In conclusion, the recent surge in activity from one of Bitcoin’s largest whale addresses, combined with the decreasing amount of Bitcoin on exchanges, suggests that the cryptocurrency market is entering a new phase. As more investors opt for self-custody options, the market is becoming more decentralized and secure. This shift towards personal wallets could be a positive sign for Bitcoin’s long-term stability and growth.

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