Editor's PiCK
"550,000 Bitcoins Withdrawn from Exchanges in the Past Year… Rally Expected"
Summary
- A BaykusCharts analyst reported that 550,000 Bitcoins (BTC) have been withdrawn from exchanges over the past year.
- The analyst explained that this Bitcoin outflow is tied to increasing long-term holding sentiment and a decrease in supply.
- Analysis has emerged forecasting a future upward rally powered by the supply decrease.
Bitcoins (BTC) have been continuously withdrawn from exchanges, leading to analysis predicting a potential upward rally.
On the 10th (local time), BaykusCharts, a virtual asset analyst, shared via X (formerly Twitter), "Continuous outflows of Bitcoins are occurring from exchanges," and added, "Investor sentiment for long-term holding of Bitcoin is increasing." According to CryptoQuant data, the number of Bitcoins currently held inside exchanges is 1,010,000, which marks a significant decrease from July last year (1,550,000 BTC).
The analyst noted, "In just one year, 550,000 BTC have been withdrawn from exchanges," further adding, "This indicates that Bitcoin is now considered digital gold rather than just a speculative asset." Moreover, "A decrease in supply will eventually drive an upward rally," the analyst continued, "and whale investors have not even properly entered yet."
As of 6:06 PM, Bitcoin is trading at $109,090 on the Binance USDT market, up 3.02% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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