Yesterday, a large whale withdrew 26,000 Bitcoin from Coinbase, resulting in roughly $800 million worth of Bitcoin being taken off exchanges.

This is the largest withdrawal off exchanges this year and the biggest since December 2022. According to CryptoSlate's Research Analyst James Van Straten, this withdrawal was driven by a single large whale.

In their latest market report, CryptoSlate analyzes the effect of rising transaction fees on public Bitcoin miners and their performance in the wake of rising revenues.