Bitcoin Investors Are Withdrawing Serious Money from Exchanges
There has been a significant movement of money from exchanges in the past two weeks, with nearly 25,000 BTC worth over $1 billion being withdrawn. This raises the question of whether this could lead to a resumption of the bull run for Bitcoin.
Massive Transfer Off Exchanges
Last week, Bitcoin reached $38,000 but struggled to maintain that price level. However, the asset’s price still shows signs of strength despite corrections in other cryptocurrencies. Data from CoinMarketCap indicates that Bitcoin is up by 3.17% in a 7-day timeframe.
According to crypto analytics platform Glassnode, bitcoin bulls are accumulating for the long term, anticipating higher prices. Around 25,000 BTC worth nearly $1 billion have left exchanges in the past two weeks, indicating that investors are holding onto their Bitcoin for the long haul.
Are Bitcoin Bulls Preparing for a Surge Past $38,000?
Withdrawals from exchanges are generally positive for crypto assets as they reduce the available supply for sale. The more Bitcoin that leaves exchanges, the scarcer it becomes, potentially driving up its price.
Prominent crypto analysts have highlighted that Bitcoin’s fundamentals have never been stronger. Many bullish predictions have emerged as investors await the approval of spot Bitcoin ETFs in the US and the upcoming Bitcoin halving.
Several spot Bitcoin ETF applications are currently under review, and if approved, they could result in a $70 billion inflow into Bitcoin. Breaking through the major resistance level of $38,000 could further ignite bullish momentum and propel Bitcoin towards $40,000 or higher.
Hot Take: Bitcoin Bulls Accumulate as Withdrawals from Exchanges Increase
Bitcoin investors are withdrawing substantial amounts of BTC from exchanges, signaling their long-term investment strategy. This trend, combined with the asset’s resilient price performance and strong fundamentals, suggests that Bitcoin bulls are preparing for a potential surge past $38,000. With spot Bitcoin ETF approvals expected in the near future, there is optimism about increased institutional inflows into Bitcoin. Breaking through the $38,000 resistance level could fuel further bullish momentum and potentially drive Bitcoin to new heights above $40,000.
Source: NewsBTC
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