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Bitcoin's market shows resilience with $1.9 billion in BTC withdrawn from exchanges.
Bitcoin (BTC) showed a 6.6% recovery in the last seven days, and investors withdrew their BTC holdings from centralized exchanges as a result, according to data aggregator Coinglass. In the last seven days, 27,975.21 BTC left the 20 exchanges tracked by the data platform, roughly $1.9 billion at the time of writing.
Coinbase Pro saw the most outflows, with 15,891.79 BTC leaving the exchange focused on seasoned traders. Binance came in second, with investors withdrawing 7669.64 BTC from the exchange in the past week.
Crypto outflows from centralized exchanges are commonly seen as a bullish sign, indicating that investors are not inclined to sell their holdings in the short term, possibly awaiting price growth. The total amount of Bitcoin left in centralized exchanges tracked by Coinglass is 1.72 million BTC, the lowest level of 2024 so far.
Bitcoin supply at centralized exchanges. Image: CoinglassDespite the week of Bitcoin outflows, Bithumb saw an increase of 1,612.50 BTC in the same period. Gate.io and OKX also saw positive Bitcoin flows to their platforms, registering 381.25 BTC and 345.04 BTC in deposits, respectively.
Meanwhile, the Bitcoin-related crypto investment products registered positive flows for the second consecutive week, with $942 million invested in the last week. James Butterfill, head of research at CoinShares, highlighted that the below-expected Consumer Price Index (CPI) result was responsible for this positive change, as the latter three trading days of the week made up 89% of the total flows.
Moreover, Bitfinex’s analysts pointed out that new Bitcoin whales accumulated BTC around the $60,000 mark, while long-term holders maintained their positions. The latest edition of the “Bitfinex Alpha” report underscores that this paints a landscape where investors show confidence in BTC’s price.
“Even for short-term holders (STH), whose portion of the supply has increased from 19% at the beginning of the year to 26.1% currently has an average cost basis of approximately $61,046, making this an essential level to maintain to avoid triggering sell-offs. This is an important cohort to watch though, as STHs and ETF buyers seem to be quick to sell if prices fall below their acquisition cost.”
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