Whale Withdrawals Total $99.4 Million as Bitcoin Supply Tightens

Four newly created anonymous wallets have withdrawn $99.4 million in Bitcoin from crypto custodians Galaxy Digital and BitGo, according to on-chain analytics platform Lookonchain.

The large exchange outflows are often interpreted by market analysts as a signal that investors intend to hold their assets long-term, rather than sell them on the open market.

When Bitcoin is moved from exchange wallets to private custody, it reduces the liquid supply available for trading, which can have a supportive effect on price over time.