Second-largest exchange balance Bitcoin drop of 2023

This past Saturday, July 1, marked the year’s second-largest decline of Bitcoin from exchanges. Approximately 20,000 Bitcoin were withdrawn from exchange platforms, a substantial movement highlighting the intense activity within the crypto market.

This substantial withdrawal was categorized as a ‘whale withdrawal,’ denoted by the orange color on the chart below to signify a transition of funds between $1 million and $10 million.

A ‘whale’ is an individual or entity that holds a large amount of a particular cryptocurrency and has the potential to influence market trends.

The significant transaction reportedly took place on Coinbase and reinforces the volatility and dynamism of the crypto market, emphasizing the influence of ‘whale’ transactions on overall market conditions.