Crypto exchanges experienced substantial outflows of bitcoin today.
Investors have moved over 38,000 units of bitcoin, worth north of $750 million, off exchanges today, according to figures calculated this afternoon.
These marketplaces had experienced net outflows of roughly 38,800 units of bitcoin today as of slightly before 1 p.m. EST, according to CryptoQuant data.
The total market value of this cryptocurrency was determined using CoinDesk data pulled from the aforementioned data source close to the same time.
This daily outflow, which is illustrated in the image below, was the largest since June, the month when bitcoin fell to a 2022 low, according to CoinDesk.
Bitcoin’s net outflows from all exchanges over the last year.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Bitcoin Accumulation
Analysts widely described this move as signaling that investors have started buying the world’s most valuable digital currency in order to bolster their holdings.
“BTC is clearly being accumulated by ‘whales’ and institutions,” said Tim Enneking, managing director of Digital Capital Management.
“The number of wallets with 100, 1,000 or more BTC has been increasing for the better part of a year,” he noted. “That is one trend.”
“BTC flows on and off exchanges would seem to be a good indicator of price moves, although, in my experience, it’s of little utility since the moves to exchanges usually seem be ‘just in case’ rather than a firm intention to sell,” Enneking noted.
“Movements off, however, are a slightly better indicator of price direction – and a major move off which we are currently seeing is actually quite a bullish indicator,” he concluded.
Andrew Rossow, internet attorney & Web3 advisor, offered a similar take on the matter.
“I agree with the assessment” that…
