Bitcoin Whales Make Bold Moves — Is a Massive BTC Rally About to Explode?

Massive Bitcoin withdrawals by large investors—commonly referred to as “whales”—have drawn widespread attention. On April 17, blockchain tracker OnchainDataNerd reported that prominent crypto players moved substantial amounts of BTC from major exchanges to cold wallets. Galaxy Digital, a well-known digital asset firm, took out 554 BTC (worth around $76.74 million) from Binance and OKX.

Another big player, Abraxas Capital, withdrew 1,854 BTC (roughly $157.26 million) from Binance and Kraken. Additionally, two other whales, linked to wallet addresses 1MNqX and 1BERu, collectively removed over $90 million in BTC from Coinbase. In total, more than $280 million worth of Bitcoin was withdrawn from exchanges in just a single day.

Such moves are generally interpreted as bullish. When whales move assets into cold storage, it usually means they don’t plan to sell anytime soon, thus reducing market supply and potential sell pressure.

New Bitcoin Investors Enter the Market

The surge in activity isn’t limited to large holders. According to on-chain analytics firm Glassnode, there’s a significant rise in first-time Bitcoin buyers. This wave of new interest could drive short-term momentum in the market.

Glassnode’s data shows that the 30-day Relative Strength Index (RSI) for new buyers has reached 97.9, indicating a major influx of retail participation. This surge is often a precursor to short-term rallies, although seasoned investors warn it can also signal overheated conditions.

Technical Indicators Flash Bullish Signals

Analyst Ali, in a recent post on X (formerly Twitter), noted that the TD Sequential—a popular momentum indicator—has issued a buy signal on Bitcoin’s weekly chart. This development suggests potential for further upward movement, especially if current price levels hold.

Currently, Bitcoin is trading above $80,000, inching closer to the key resistance at $86,000. Breaking and closing above this level would be seen as confirmation of a renewed bullish trend. Without a breakout, however, there’s still a risk of consolidation or a minor pullback.

Mixed Signals from Institutional Activity

Despite strong whale activity and rising interest from new retail investors, institutional flows are showing signs of caution. Data from Farside indicates that inflows into Bitcoin ETFs have dropped sharply. ETF activity often mirrors institutional sentiment, so this decline may suggest cooling interest or a wait-and-see approach from big investors.

Unstaking Activity Adds to Market Uncertainty

Adding to the complexity, on-chain data from Lookonchain revealed that more than $1.26 billion worth of BTC has been unstaked from Babylon. If this freshly unlocked capital makes its way back to exchanges, it could increase selling pressure, complicating Bitcoin’s attempt to push past its resistance zone.

What Lies Ahead?

Bitcoin’s path forward is uncertain. On the one hand, large withdrawals and technical buy signals point to bullish sentiment. On the other hand, falling ETF inflows and potential selling pressure from unstaked BTC raise red flags.

For now, $86,000 remains the critical price level to watch. A decisive move above this threshold could open the doors for a new leg up in Bitcoin’s price.