Insights

Single whale withdraws over $120M in Bitcoin from crypto exchange Gate.io

exchange68September 13, 2024

0 1 1 minute read

Quick Take

On Feb. 4, a single entity withdrew over $120M in Bitcoin from Gate.io, the second largest withdrawal in the exchange’s history.
Roughly 10,000 Bitcoin were withdrawn from exchanges over the weekend.
Currently, 2.24M Bitcoin sitting are on exchanges, the lowest level in the past five years.
Gate.io has 7,000 BTC left on the exchange.

Balance on exchange: (Source: Glassnode)

Net transfer volume by size: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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