Judging by the outflow of bitcoins from the wallets of cryptocurrency exchanges, the demand for the first cryptocurrency is growing again among investors. This usually signals a return of the bullish trend to the market.
According to cryptocurrency market analysts of the CryptoQuant platform, over the past three days, 61,000 BTC have been withdrawn from crypto exchange wallets, and this is a “significant amount”.
“After months of low prices, we see a signal that demand has returned to the market,” writes a user under the pseudonym maartunn.
Usually, the outflow of BTC from cryptocurrency exchanges indicates that investors are buying the first cryptocurrency and withdrawing it to personal wallets for long-term storage. This means that Bitcoin is expected to grow in the near future. Accordingly, the influx of bitcoins to cryptocurrency exchanges is a bearish signal.
From September 29 to August 3, the total number of bitcoins on the wallets of major cryptocurrency exchanges decreased from 2.14 million BTC to 2.08 million coins.
Earlier, the director of strategy at CoinShares, Meltem Demirors, said that you should not expect bitcoin to grow until the end of September. Her prediction turned out to be correct.
Source: Bits
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