Bitcoins are massively withdrawn from crypto exchanges

On Tuesday, 37,000 bitcoins left the market on all trading platforms. This is the highest figure since the second crypto crash in June.

On Tuesday, 37,000 bitcoins exited the market across all trading platforms, according to data from CryptoQuant. This is the highest figure since the 68,000 bitcoins on June 17. At that time, we were in the midst of a stampede on cryptocurrencies, following the first crypto crash of May. It was the start of the “crypto winter”, a few weeks after the collapse of the Terra blockchain.

121,000 bitcoins withdrawn in 1 month

In addition, over the past 30 days, 121,000 bitcoins have been withdrawn from cryptocurrency exchanges, for a total of $2.4 billion at the current price.

So is this a bad sign? No way. In fact, it may even be the best sign in weeks. Already because if investors withdraw their bitcoins from the platforms, it is to be able to dispose of them freely, liquidate them, or above all keep them in their wallet. The latest technical statistics show that there is a big, aggressive accumulation movement on the part of investors.

A prelude to a bullish phase?

And moreover, this kind of phenomenon is generally a prelude to bullish phases precisely because, on the contrary, if everyone makes their bitcoins available on the platforms, it is with a view to selling them.

“For example, bitcoin bottomed out locally at around $18,000 when its outflows from exchanges hit nearly 68,000 bitcoins on June 17. The price of the cryptocurrency rallied back towards $24,500 in the following weeks”, recalls an article by Cointelegraph.

With this wave of accumulation, it is undoubtedly a question of the anticipation of a wave of rise. Which would happen at the right time, as bitcoin is in a kind of technical corner if we look at the graphical analysis, with a significant risk of relapse. The graphic designers even see the possibility of a return to the side of 14,000 dollars during the 4th quarter, if the trend is not reversed now.

By Antoine Larigaudrie edited by PA

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