Several Bitcoin whales have transferred huge amounts of BTC out of centralized exchanges in the last six hours in a wave of on-chain transactions. According to the data of Lookonchain, three key wallets withdrew over 1,164 Bitcoin (equivalent to over $120 million) totaling between Binance and OKX.

Multiple whales have bought $BTC over the past 6 hours.

• Whale 37BnFf, dormant for a year, withdrew 800 $BTC($85.5M) from #Binance and #OKX.

• A new wallet 3Qus8D withdrew 190 $BTC ($19.76M) from #Binance.

• Whale bc1qr9 withdrew another 174 $BTC ($18.64M) from #Binance 6… pic.twitter.com/rCnOdzMgoD

The most noticeable transaction was made by a wallet that was dormant, 37BnFf, and had not been used in more than a year. The whale had sold 800 Bitcoin, which is worth 85.5 million dollars, at Binance and OKX. 

This movement will be the revival of a dormant address that is likely viewed as a powerful bullish signal because whales usually transfer funds off exchanges when intending to keep long-term.

An additional wallet that was also created just a few hours ago, named 3Qus8D, had taken out 190 BTC worth about 19.76 million dollars off Binance within only 38 minutes of the leak. Transaction was detected on Arkham Intelligence; as a direct transfer between the hot wallet of Binance (bc1qm) and the new one.

The inactivity before the date indicates that this is a new whale address, perhaps institutional or large net worth accumulation. 

The fact that this movement happened during the same six-hour period as any other major withdrawal lends some credence to the story of organized accumulation.

Bc1qr9, a third interesting address has also remained on its consistent accumulation trend of Bitcoin. Six hours ago this whale pulled out 174 BTC, or $18.64 million, out of Binance and currently owns 3,036 BTC (valued at about 315 million).

Historical records of the wallet at Arkham indicate that in recent weeks this wallet has been withdrawing BTC regularly, with a 41 BTC, 132 BTC, 196 BTC and 344 BTC transactions among others. These inflows are consistent, which means the strategic accumulation is on-going and not for short-term trading.

The records on the blockchain reveal that the 37BnFf wallet, whose activity had not been observed in a year, had deposited more than 960 Bitcoin to swap wallets a year earlier. The new outflow is opposite of that trend, indicating a change of selling pressure to accumulation.

Withdrawal of funds by large holders will generally decrease the supply of Bitcoin available to trade in, and this will lead to a bullish situation assuming demand does not decrease. Such outflows are normally considered by the analysts as an indication that the whales anticipate the rise in the prices.

The fact that more than 120 million dollars worth of Bitcoin were withdrawn in the centralized exchanges in a matter of hours sends a powerful message of security. Traditionally, this kind of massive coordinated action by large participants is followed by many bullish market cycles, as whales hoard at times of uncertainty prior to any possible price explosion.

Although the price of Bitcoin is stable at current high levels, these fluctuations can signify that we are in an initial accumulation wave. As the exchange reserves drop and long-term wallets have become active once more, the on-chain trend indicates that the big players are secretly preparing for volatility, and possibly for the next leg up.

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