Bitget Sees Large Bitcoin Withdrawals Exceeding $266 Million

A significant amount of Bitcoin was withdrawn from Bitget, one of the leading cryptocurrency exchanges, in two transactions worth over $266 million combined.

The transfers were made in two batches of 2,000 BTC each, which is equivalent to about $134.85 million and $136.04 million at the time of sending.

According to blockchain monitoring platform Whale Alert, these large-scale withdrawals are being seen as a bullish sign by some market analysts, indicating that high-profile Bitcoin holders or institutions may be accumulating the asset quietly during a downturn.

This behavior is not uncommon, as large investors often move their assets into private wallets rather than leaving them on exchanges, which can reduce the supply of BTC available for trading and potentially tighten it if buying pressure increases.