Crypto exchanges have reported huge withdrawals of Bitcoin, the flagship digital currency from their wallets in the midst of the cryptocurrency market’s uncertainty, with the price of major assets shifting from trading in the red to trading in the green and vice versa.
According to a Glassnode chart and statistics shared in a tweet by crypto trading specialist Ali Martinez on June 21, over 108,200 Bitcoin (BTC) have left verified crypto exchange wallets since June 14.
In other words, nearly $2.21 billion in Bitcoin was withdrawn across exchanges in a single week, based on the asset’s price at the time of publishing.
Inflows and outflows from exchanges typically fluctuate in response to variations in market sentiment. Increased inflows indicate higher selling pressure, whilst large outflows signal increased buying pressure.
In this scenario, it suggests that more cryptocurrency market players prefer to buy rather than sell Bitcoin, and/or prefer to keep their assets elsewhere. If the pattern remains for several days, it also suggests a possible bullish trend in the near future.
According to Coincu data, Bitcoin was trading at $20,396 at press time, a 3.60% decline on the day and a 0.57% loss over the preceding seven days.
Meanwhile, despite the token trading back above $20,000, InTheMoneyStocks.com chief market expert Gareth Soloway believes a Bitcoin fall under $10,000 is still possible.
However, Fairlead Strategies CEO Katie Stockton forecasts a relief rally, with the major Bitcoin support level set between $18,300 and $19,500.
At the same time, Bloomberg Intelligence senior commodity strategist Mike McGlone believes that pre-pandemic deflationary conditions would play out in the second half of the year, with Bitcoin, gold, and US Treasury bonds benefiting the most.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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