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Bitcoin (BTC) showed a recovery of 6.6% over the past 7 days, leading investors to withdraw their BTC holdings from centralized exchanges. according to To data collection company Coinglass. Over the past seven days, 27,975.21 BTC has left the 20 exchanges tracked by the data platform, equivalent to approximately $1.9 billion at the time of writing.
Coinbase Pro had the most outflows with 15,891.79 BTC leaving the exchange focused on seasoned traders. Binance came in second place with investors withdrawing 7669.64 BTC from the exchange last week.
Cryptocurrency outflows on centralized exchanges are generally considered a bullish signal, indicating that investors are not willing to sell their holdings in the near term and may wait for prices to rise. The total amount of Bitcoin remaining on centralized exchanges tracked by Coinglass is 1.72 million BTC, the lowest level so far in 2024.
Bithumb increased by 1,612.50 BTC in the same period despite the week when Bitcoin outflow occurred. Gate.io and OKX also saw positive Bitcoin flows on their platforms, registering 381.25 BTC and 345.04 BTC as deposits, respectively.
Meanwhile, Bitcoin-related cryptocurrency investment products invested $942 million last week, recording a positive trend for two consecutive weeks. James Butterfill, Head of Research at CoinShares highlighted A lower-than-expected Consumer Price Index (CPI) result contributed to this positive change, with the last three trading days of the week accounting for 89% of total flows.
Moreover, analysts at Bitfinex noted that new Bitcoin whales have accumulated BTC around $60,000 levels, while long-term holders have maintained their positions. The latest edition of the “Bitfinex Alpha” report highlights that this paints an environment where investors show confidence in the BTC price.
“Even for short-term holders (STHs), whose share of supply has increased from 19% to 26.1% at the beginning of the year, the current average cost basis is approximately $61,046, which is the essential level to maintain to avoid triggers. For Sale. “However, STH and ETF buyers appear to sell quickly once prices fall below acquisition costs, so this is an important group to watch.”
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