Bitcoin Outflows Surge as Ethereum and XRP Gain Favor Amongst Crypto Whales

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A significant amount of Bitcoin has been withdrawn from crypto exchanges in recent weeks, totaling close to $1 billion. This coincides with a surge in interest from deep-pocketed investors who are now stockpiling Ethereum and XRP. According to crypto analyst Ali Martinez, approximately 25,000 BTC has been pulled from known exchange wallets in the last two weeks. This withdrawal trend suggests a shift in focus towards Ethereum, as high-net-worth traders have been accumulating ETH for the first time in nine months. This accumulation spree has lasted for nine consecutive days, indicating a potential bullish price action for Ethereum. Additionally, crypto whales have also been purchasing millions of dollars worth of XRP in the past week. On-chain data reveals that around 11 million XRP, valued at approximately $6.82 million, has been acquired by XRP whales. As of now, Bitcoin is trading at $37,215, Ethereum at $2,047, and XRP at $0.612.

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