While continuing the bullish stance, Bitcoin (BTC) broke the $38,000 mark in a sharp upward movement on December 1 for the first time since April 2022.
The latest Bitcoin rally is expected to surpass the price of $40,000 in near time, with multiple pieces of evidence supporting it, including an outflow of over $1.4 billion over the past two weeks.
According to data from Glassnode, more than 37,000 BTC—worth approximately $1.4 billion—has been moved out of crypto exchanges since November 17. The move indicates that investors are taking custody of their Bitcoin by themselves, suggesting a long-term holding strategy.
Glassnode data reveals that Bitcoin stored on crypto exchanges has seen a sharp decrease since the start of the year.
The asset outflow from crypto exchanges weakens selling pressure in the market and can lead to an increase in the asset’s price.
While several spot Bitcoin ETFs are on the edge of being approved by the SEC, the demand for Bitcoin is increasing among investors on speculation that traditional finance players will bring massive inflows into the Bitcoin market post-ETF approval.
Also Read: BTC Futures on CME Shows Bullish Betting For $40K Bitcoin Price
