Summary
- It was reported that Bitcoin whales are absorbing 300% of the newly mined BTC supply, while exchange outflows are increasing.
- The increase in exchange outflows suggests a growing preference for self-custody and long-term investment.
- Bitcoin has broken out of a descending wedge pattern, suggesting the possibility of surpassing $100,000 in May.
On the 18th (local time), cryptocurrency media outlet Cointelegraph reported, citing Glassnode data, that Bitcoin (BTC) whales are absorbing an amount equivalent to 300% of the newly mined BTC supply, while Bitcoin outflows from exchanges continue to increase.
The media stated, "This trend of increasing exchange outflows suggests a growing preference for self-custody and long-term investment."
It continued, "Despite the downside risks due to macroeconomic factors, whales are actively accumulating Bitcoin," and explained, "The fact that Bitcoin has broken out of a descending wedge pattern that lasted for several months suggests the possibility of surpassing $100,000 in May."
Meanwhile, BTC is trading at $84,576.18, down 0.49% from the previous day, based on the Binance Tether (USDT) market as of 2:43 AM on the 19th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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