 ▲ Bitcoin (BTC), Dolphin/ChatGPT generated image |
Bitcoin (BTC) whales have withdrawn hundreds of millions of dollars worth of holdings from major exchanges, raising expectations of a price increase driven by tightening market supply.
According to crypto-focused outlet U.Today on February 27 (local time), blockchain monitoring platform Whale Alert reported that a total of 4,000 BTC was transferred from cryptocurrency exchange Bitget to external wallets in two separate transactions. Each transfer involved 2,000 BTC, valued at $134.85 million and $136.04 million respectively at the time, bringing the total to over $270 million. When whales with massive capital move Bitcoin off exchanges, it is generally interpreted as a signal of accumulation for long-term holding.
Market experts analyzed that the large-scale withdrawals reflect strong buying conviction among institutional investors and high-net-worth individuals. A reduction in Bitcoin reserves on exchanges decreases the available supply for immediate sale, potentially amplifying price gains when buying pressure returns. In particular, as investors quietly accelerate accumulation amid the recent price rebound, the circulating supply in the market is becoming increasingly scarce.
The transfer of holdings to unknown external wallets is widely seen as part of an offline accumulation strategy in anticipation of a significant price recovery. Within the crypto community, the withdrawals are being interpreted as a signal that major investors view current price levels as undervalued. Although the exact purpose of the transfers has not been officially disclosed, large investors have historically accumulated assets quietly during downturns or consolidation phases without public attention. This latest move is therefore viewed as part of preparations for the next bullish cycle.
Despite the strong accumulation signals, Bitcoin’s short-term price action is showing a temporary pullback. According to CoinMarketCap data, Bitcoin is trading at around $66,055, down 2.47% over the past 24 hours. However, if the ongoing outflows of Bitcoin from exchanges observed in on-chain data continue, the resulting supply pressure could support the price floor and serve as a catalyst for a strong rebound.
Ultimately, the massive withdrawals from Bitget are seen as evidence that Bitcoin’s market fundamentals remain solid. As accumulation into external wallets outweighs sell-ready supply on exchanges, confidence among long-term investors continues to strengthen. As the crypto market moves beyond its recent lows toward new all-time highs, these large-scale whale movements are expected to become a key variable in the next upward rally.
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