On-chain data from Lookonchain reveals that a Bitcoin whale is actively accumulating the cryptocurrency. Two newly created wallet addresses withdrew a total of 984 BTC from institutional custody provider BitGo, a transaction worth around $72 million at current market prices.
Such large withdrawals from custody platforms are often interpreted as a sign of long-term holding rather than short-term trading, reflecting the strategic positioning of large investors. Whale movements remain one of the key on-chain metrics observed by market participants.
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