Bitcoin investors seem to be gearing up for action with an interesting timing of withdrawal from exchanges. Serious money has been on the move from exchanges in the past two weeks, as shown by on-chain data. Over the last two weeks, nearly 25,000 BTC worth over $1 billion have been withdrawn from major crypto exchanges.

The question that arises now is whether or not this would set off a resumption of the bull run for Bitcoin amongst other current factors in the crypto industry.

Massive Transfer Off Exchanges

Bitcoin crossed $38,000 last week but has struggled to gain a footing above the price level. Despite this, the price of the asset is still showing signs of strength despite corrections in many cryptocurrencies. Data from CoinMarketCap shows Bitcoin is up by 3.17% in a 7-day timeframe. 

Data from crypto analytics platform Glassnode indicates that bitcoin bulls are accumulating for the long haul in anticipation of higher prices. Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X.

According to the analyst, the Bitcoin balance on exchanges metric from Glassnode shows that around 25,000 BTC worth nearly $1 billion have left exchanges in the past two weeks. When bitcoin leaves exchanges, it usually means investors are holding for the long term. 

#Bitcoin | Around 25,000 $BTC have been withdrawn from known #crypto exchange wallets in the last two weeks, worth nearly $1 billion! pic.twitter.com/RLwV3iOR7b

Go to Source to See Full Article
Author: Scott Matherson

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details