JAKARTA - Although the cryptocurrency market has experienced turmoil in recent weeks, the price of Bitcoin (BTC) has shown extraordinary resilience. On Wednesday, Bitcoin was stable around $228,300 (around Rp409 million). However, behind this BTC price movement, there are interesting developments related to the withdrawal of Bitcoin from the stock exchange wallet.
According to crypto analyst Ali Martinez, about 33,000 BTC, equivalent to around $924 million, has been withdrawn from the leading cryptocurrency exchange wallet in the past five days. This data was obtained from the Cryptoquant on-chain analytics company.
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Most surprising is that most of these important withdrawals are directly related to Binance. In a few days from October 14 to October 17, about 16,000 Bitcoins were withdrawn from exchange wallets, resulting in a significant drop in the total number of Bitcoins stored on this platform.
However, this development contrasts with what happened more than a month ago. Before Grayscale's legal victory over the SEC, nearly 30,000 BTC worth more than $820 million (more than Rp13 trillion) entered the centralized exchange.
At the time of writing, the price of Bitcoin was trading at around IDR 452 million, an increase of 1.2% in the last 24 hours, according to data from Coingecko.
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