A bullish news for bitcoiners? The outflow of BTC from spot exchanges reached an annual maximum
2 min readBTC investors stopped stocking their assets on cryptocurrency exchanges and began to withdraw them in significant quantities, and the outflow reached an annual high, according to on-chain data. Furthermore, it turned out that most of the selections came from retail investors, but whales and institutions have also recently accumulated BTC.
The outflow of BTC from exchanges reached an annual maximum
Data from CryptoQuant highlighted recent trends in the withdrawals and deposits of BTC investors for cryptocurrency exchanges. To some extent, their behavior is also related to price movements. Holders generally send their coins from cold wallets to trading venues when they intend to sell them and transfer them back when they are planning a HODL for a longer period.
Deposits as such skyrocketed to new highs in mid-May after a FUD triggered by Elon Musk and China. At this point, the price of BTC had already begun to plummet, dropping another 20,000 to about $ 30,000. When the dust settled, most investors reduced their deposits, but it seems that there has been a complete change of mind recently, as the following chart shows.
At the same time, the number of withdrawals has now increased, suggesting that investors could now start VALVING their coins. Interestingly, the analyst also claimed that “most transactions (5,800) came from Gate_io and all came from retail investors due to their relatively small size (less than one BTC).”
They also buy whales and institutions
In addition to smaller investors buying and withdrawing BTCs from stock exchanges, other recent reports indicate that so-called whales have begun to do the same. After a short break and the June sale, wallets containing 100 to 10,000 BTCs bought about 60,000 coins in just one day in early July. As a result, their total volume has increased to more than nine million BTC.
Demand for Canada’s first BTC ETF also prompted the company behind it – Purpose Investments – to buy the asset. Its shares have increased by 30% in a few weeks and the Purpose BTC ETF holds about 22,500 coins.
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