Bitcoin Sees Largest Single-Day Outflow from Exchanges Since 2022 Amidst Institutional Activity Speculation
Bitcoin's bullish case is supported by continued onchain activity. On Wednesday, a single-day outflow of over 28,000 BTC worth $1.19 billion left centralized exchanges, the largest since Dec. 14, 2022. This is often interpreted as investors' preference for direct custody or a long-term holding strategy. The overall BTC balance in wallets tied to centralized exchanges has dropped to the lowest since April 2018, potentially leading to price appreciation. Bitcoin is currently trading at $42,700, up 158% on a year-to-date basis.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin (BTC) Faces Market Cooldown Amidst Declining Capital Inflows
Bitcoin's (BTC) market momentum declines as capital inflows weaken across digital assets. Ethereum, Solana, and Memecoins see significant corrections, reflecting shifting investor sentiment.
Trump ends all affirmative action policies in the federal government
RWAs Outperform with Social Engagements—Chainlink, Avalanche, VeChain Lead the Charge
What’s behind ‘bearish’ altcoin action: Amberdata
Even before LIBRA, altcoins were having a rough start to the year
Trending news
MoreCrypto prices
More
