Bitcoin Whales withdrew 15.7k BTC from exchanges recently, the highest level since June

Data shows that Bitcoin whales pulled 15,700 BTC from exchanges over the past few weeks, the highest amount since June of this year.

Bitcoin Whale Netflows Recorded Negative Values ​​Recently

According to the latest weekly report from Glassnode, BTC whale mining volumes have increased in recent weeks.

The relevant indicator here is “net whale flow”, which measures the net amount of Bitcoin that whales are withdrawing or depositing on centralized exchanges at the moment.

The value of the metric is calculated by simply subtracting the withdrawal volume of this cohort from the deposit volume of this cohort.

When the net flow has a positive value, it means that the BTC whales are currently transferring a net amount of coins to the exchanges.

Since investors usually deposit on exchanges for the purpose of selling, this type of trend can be bearish for the price of the crypto as it can be a sign of dumping by these huge holders.

On the other hand, negative values ​​of the indicator suggest that whale outflows are outpacing inflows at this time. Such a trend, when prolonged, may be a sign of accumulation of this cohort and thus could prove bullish for the price of BTC.

Now, here is a chart showing the trend in net whale flows from Bitcoin over the last few years:

Looks like the value of the metric has been red in recent days | Source: Glassnode's The Week Onchain - Week 41, 2022

As you can see from the chart above, Bitcoin’s net whale flows have posted deep negative values ​​for the past few weeks.

In total, the whales have withdrawn a net amount of 15.7k BTC in this period, the highest value since June of the current year.

The graph also shows separate data for whale removals and deposits. It appears that withdrawals have increased considerably recently, while deposits have remained low. A trend that is consistent with netflow.

The last time such large net red flows were seen was just after the price of Bitcoin crashed from $30k to around $20k, implying that the whales may have accumulated thinking the price would bottom out.

Since the BTC price has been generally consolidating ever since, the latest net inflows could mean that this cohort is building up again in preparation for the market to go higher.

BTC price

At the time of writing, the price of Bitcoin hovers around $19,000, down 4% in the last week. Over the last month, the cryptocurrency has lost 12% in value.

Bitcoin price chart

The value of the coin seems to have declined over the last few days | Source: BTCUSD on TradingView
Featured image from Karl-Heinz Müller on, charts from,

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