Looks like people are finally keeping their coins off crypto exchanges. Now, the current state of the market has been frustratingly stagnant, recent data suggests some bullish movement behind the curtains. Consequently, Elon’s ownership of Twitter will certainly lead to pumping DOGE and possibly BTC. With that, we can expect a rejuvenation coming up to the market. Generally speaking, money getting off crypto exchanges shows tendency toward long-term holding which is very bullish. And now, data shows over $1.5 billion Bitcoin has got off crypto exchanges only in 24 hours. Indeed, this is triggered by the sink-carrying Elon and the hope of future pumps and shills.
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According to IntoTheBlock, a massive amount of BTC is rushing out of crypto exchanges. Just in a single day, tens of thousands of Bitcoin worth well over a billion has moved.
Specifically, more than 70,000 BTC has moved out which is the largest amount in the past six months. With the current rates, the tokens are valued at $1.52 billion.
“Bitcoin just recorded its largest net outflow from exchanges in six months. Over 70,000 BTC worth $1.52 billion left exchanges on October 26.”
Last week, Bitcoin finally moved back above $20k after many weeks of consolidating around $19,000. With a recent high of $21,013, the bullish action may have sown the seed of hope in investors after a year-long bear market.
Hopium?
Certainly, record amount of outflows is a good sign for the troubled market. This, can indicated a new accumulation phase as well as gearing up for the long-run.
On top of that, Recent reports from fidelity also shows that nearly 60% of institutional investors holding crypto.
“The increased adoption reflected in the data speaks to a strong first half of the year for the digital assets industry. While the markets have faced many headwinds in recent months, we believe that digital assets
fundamentals remain strong and that the institutionalization of the market over the past several years has positioned it to weather recent events. Institutional investors are experienced in managing through cycles, and the largely inherent factors that they cited as appealing in this study will likely remain as the market emerges from this period.”
At this point, the recent takeover of the $20k support seems to have motivated the investors. Considering the outflows from crypto exchanges and the investors sentiment, it would be more likely for the market to make some positive action. Tell us what you think in the comments.
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