Bitcoin Outflows From Exchanges Rise To 8-Month Highs
On-chain data from IntoTheBlock shows that over $540 million worth of Bitcoin was removed from centralized exchanges last week, the highest net outflow in eight months.
This indicates that big investors are moving their Bitcoin into private storage in preparation for a major price swing as February draws to a close.
Bitcoin has been on a tear recently, up by 29% in a 30-day timeframe. Despite being on a hiatus, the crypto is showing no sign of ending this rally soon, with various on-chain metrics pointing to bullishness.
A Glassnode chart shared by crypto analyst Ali Martinez shows that accumulation around the $51,000 to $52,000 price level has remained strong. A recent revelation by Santiment revealed a pattern of accumulation among large Bitcoin investors, with the amount of Bitcoin whales holding more than 1,000 BTC increasing by 147 wallets since February.
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