Summary
- It reported that about 47,700 bitcoins flowed out of exchanges this week, marking the largest weekly withdrawal in the past year.
- It said that about 25,000 of this large-scale withdrawal came from Bitfinex.
- Cointelegraph said such large outflows point to possible spot buying by large investors followed by storage in cold wallets, and potential bitcoin purchases intended for long-term holding.
Forecast Trend Report by Period
Bitcoin (BTC), the bellwether cryptocurrency, appears to have been withdrawn from exchanges in large volumes.
On the 6th (Korea time), crypto news outlet Cointelegraph, citing a report by Axel Adler Jr., a contributor at CryptoQuant, reported that about 47,700 bitcoins flowed out of exchanges this week. This marks the largest weekly withdrawal in the past year. In particular, withdrawals totaled 31,900 on the 4th alone.
Of the large-scale withdrawals, roughly 25,000—about 50%—came from Bitfinex.
Cointelegraph assessed that “such large outflows often suggest large investors buying spot and then moving holdings to cold wallets,” adding that “it is presumed that there were purchases of bitcoin intended for long-term holding.”
As of 8:14 p.m. on the day, Bitcoin was trading at $70,552, down 3.63% from the previous day.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
