Summary
- Last week, 48,000 BTC were withdrawn from exchanges, valued at over $4.5 billion.
- BTC withdrawals from exchanges can be interpreted as a signal for price increases due to reduced supply.
- The rebound in the Coinbase Premium Index shows increased demand from U.S. investors and institutions.
It was revealed that over 48,000 Bitcoin (BTC) were withdrawn from cryptocurrency exchanges last week.
On the 3rd (local time), cryptocurrency analyst Ali Martinez stated on X, "Over 48,000 BTC were withdrawn from exchanges last week," adding, "This is valued at over $4.5 billion." Typically, Bitcoin withdrawals from exchanges are interpreted as a positive signal for price increases as they reduce the supply of Bitcoin on exchanges.
He further explained, "The Coinbase Premium Index recently hit a two-year low (-0.23%) and is quickly rebounding," indicating "an increase in demand from U.S.-based investors and institutions."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
