Bitcoin Whales Move $99.4M Off Exchanges Amid Ongoing Institutional Interest

Four anonymous wallet addresses have withdrawn 1,540 Bitcoin, worth approximately $99.4 million, from crypto custodians Galaxy Digital and BitGo within the past three hours.

According to on-chain analytics platform Lookonchain, these large exchange outflows are often interpreted as a signal that investors intend to hold their assets long-term rather than sell them on the open market.

This reduction in exchange supply can have a supportive effect on price over time, as it reduces the liquid supply available for trading.

The wallets were created just before the withdrawals, a pattern commonly associated with institutional custodial transfers or over-the-counter (OTC) trades.