BTC Exchange Outflows Increase

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Written By Guest User

  • Recent data from on-chain analytics group CryptoQuant indicates that 29,371 BTC was removed from exchange wallets, the highest net outflow of Bitcoin since September 10th, 2021.

  • This outflow correlates with the possible market bottom/bounce observed on Monday as Bitcoin increased from a low of $39,650 to a high of $44,147 today.

  • Large amounts of Bitcoin leaving exchanges to private wallets typically indicates increasing levels of holding amongst whales, where they move their crypto to private storage as opposed to moving it to an exchange to facilitate sales.

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