Another price surge might be right around the corner for Bitcoin as 14806 BTC worth approximately $1.52 billion exited from crypto exchanges in the last 24 hours. Coinbase led with the biggest drop around 9,012.51 BTC, worth nearly $936 million, followed by Kraken exchange with 6044.01 BTC worth $629 million.
Binance exchange also saw outflows of 4,975 BTC at 518 million, while Gemini followed closely with a lower amount of 627 BTC worth 65 million. Large withdrawals like this often mean holders are moving their assets into private wallets instead of preparing to sell them. When this happens, it usually signals that people want to keep their Bitcoin for the long term.
It also means that we might see less selling pressure in the market with more bulls entering the market which could in turn give the price another push. Moveover, the market momentum is picking up steam. According to CryptoQuant, the Bull Score Index for Bitcoin is now at 80, meaning the sentiment is strong and optimism is increasing.
Also, the demand for cryptocurrency is rising quickly. Over the past 30 days, Bitcoin demand increased by 229,000 BTC at a value of more than $23.8 billion. This is almost reaching its peak as of December last year when it reached 279,000 BTC. Bitcoin recently hit its all-time high on May 22 after a massive rally that started in April.
During this rally, Bitcoin price saw a 50% surge but has since dropped by 7%. At the time of reporting, Bitcoin price traded for $104,646, which is down 4% in 7 days. Whilst, it noted a 10% surge in trading volume over the last 24 hours to $60 billion.
Also Read: Bitcoin ETFs Pull $9B Inflows, Outpace Gold: Schiff Silent?
