Whales Withdraw Bitcoin, Ethereum Amid $4.5 Billion ETF Inflows

Recent developments indicate significant movements by crypto whales, coinciding with substantial ETF buying activity for Bitcoin and Ethereum.

Key Developments

Spot Bitcoin ETFs recorded $3.24 billion inflows, reversing the previous week's outflows of $902.5 million. This marks the largest weekly inflow for Spot Bitcoin ETFs in 2023.
Spot Ethereum ETFs saw $1.30 billion inflows, contrasting with $795.56 million outflows from the prior week.
Whale activity includes large withdrawals from exchanges into self-custody. A new wallet withdrew 26,029 ETH ($118 million) from Kraken, and another withdrew 620 BTC ($76 million) from Binance.

Bitcoin exchange balances have hit a five-year low, with nearly 170,000 BTC removed from exchanges in the last month.

Bitcoin reached a new all-time high of $125,506 and is currently trading around $124,813.
Ethereum is trading at $4,575, showing bullish momentum.
Continued ETF inflows and whale accumulation could push Bitcoin toward $130,000 and Ethereum above $5,000.
A potential cooldown might see Bitcoin retest $120,000 before further increases.