On-chain data shows the Bitcoin exchange outflows have seen a significant spike during the past day, a sign that may be bullish for the price.
Bitcoin Exchange Outflows Have Observed A Large Spike Today
As pointed out by an analyst in a CryptoQuant post, a total of 2,138 BTC has been taken out of exchanges during the last day. The “exchange outflow” is an indicator that measures the total amount of Bitcoin that’s being withdrawn from the wallets of all centralized exchanges.
When the value of this metric has an elevated value, it means the investors are transferring out a large number of coins from these platforms. Generally, holders withdraw their BTC from exchanges for holding onto them for extended periods in offsite wallets. Because of this reason, elevated values of this metric can be a sign of accumulation, and hence, can be bullish for the cryptocurrency’s price.
On the other hand, the low values of the indicator imply there aren’t many withdrawals happening in the mar
We współpracy z: https://www.newsbtc.com/news/bitcoin/bitcoin-exchange-outflows-spike-bullish-sign/
