Gate.io records a massive Bitcoin withdrawal from the exchange

As the cryptocurrency market continues its recovery attempts, one of the leading cryptocurrency exchanges, Gate.io, faced a significant outflow of Bitcoin.

A single entity withdrew more than $120 million worth of Bitcoin (BTC) from the exchange, marking the second largest withdrawal in its history, according to whale tracker Mr. Whale. The crypto exchange currently has 7,000 BTC remaining on the market, raising concerns among market watchers.

A recent report from a leading news source has revealed that the availability of Bitcoin on exchanges has hit an all-time low of 2.24 million Bitcoins. Furthermore, the market saw a significant outflow over the weekend, with nearly 10,000 BTC leaving exchanges, adding to concerns about the current state of the market.

ONLY ON: More than $120,000,000 worth of #Bitcoin has been removed from https://t.co/YuVXIAB3Sj exchange for a single entity, the second largest in its history. pic.twitter.com/JLu5mZWXQH

— Mr. Whale (@WhaleWire) February 5, 2023

Active Bitcoin addresses see a boost

After a prolonged bearish phase, the cryptocurrency market experienced a resurgence in 2023, with Bitcoin leading the way. The world’s largest cryptocurrency has a commanding 40% of the market with a market capitalization of $442 billion, bringing the overall market capitalization to a staggering $1.1 trillion.

Bitcoin is currently trading below the $22,854.36 mark with a 24-hour trading volume of $26 billion, up 33% in one day. Its price has risen 35% in the last 30 days but has fallen 4% in the last week and 2% in the last day.

The number of Bitcoin addresses with a balance of 0.01 or more has hit a new all-time high, surpassing 11.5 million, according to Glassnode. This follows a recent rise in the price of Bitcoin and an increase in active addresses, which is now over 805,000. Furthermore, BTC’s fear and greed index reached the “greed” zone and increased to 56 points.