Bitcoins are massively withdrawn from crypto exchanges

On Tuesday, 37,000 bitcoins left the market on all trading platforms. This is the highest number since the second crypto crash in June.

On Tuesday, 37,000 bitcoins left the market across all trading platforms, according to data from CryptoQuant. This is the highest number since the 68,000 bitcoins on June 17. At the time, we were in the middle of a cryptocurrency rush after the first crypto crash in May. It was the start of the “crypto winter”, a few weeks after the collapse of the Terra blockchain.

121,000 bitcoins withdrawn in 1 month

Additionally, over the past 30 days, 121,000 bitcoins have been withdrawn from cryptocurrency exchanges, for a total of $2.4 billion at current prices.

So is this a bad sign? No way. In fact, it might even be the best sign for weeks. Already because if investors withdraw their bitcoins from the platforms, it is to be able to dispose of them freely, liquidate them or, above all, keep them in the wallet. The latest technical statistics show that there is a large, aggressive accumulation movement on the part of investors.

A prelude to a bullish phase?

And furthermore, this kind of phenomenon is generally a prelude to bullish phases, precisely because if everyone makes their bitcoins available on the platforms, on the contrary, it is with a view to selling them.

“For example, bitcoin locally capped around $18,000 when its outflow from exchanges hit nearly 68,000 bitcoins on June 17. The price of the cryptocurrency rallied back toward $24,500 in the following weeks,” recalls an article by Cointelegraph.

With this wave of accumulation, it is undoubtedly a question of the expectation of a rising wave. Which would happen at the right time as bitcoin is in a kind of technical corner if we look at the graphical analysis, with a significant risk of retracement. The graphic designers even see the possibility of returning to the side of $14,000 during the 4th quarter if the trend is not reversed now.

By Antoine Larigaudrie edited by PA

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