Bitcoin investors have halted depositing their assets onto cryptocurrency exchanges and have actually started to withdraw substantial quantities, says on-chain data. Furthermore, it showed that most of the withdrawals came from retail investors, but whales and institutions have also accumulated BTC lately.
Exchange Withdrawals to Early Highs
Data from CryptoQuant highlighted the recent trends in terms of BTC investors’ withdrawals and deposits from and to cryptocurrency exchanges.
Somewhat expectedly, their behavior has a lot to do with price movements as well. Generally, holders send their coins from cold wallets to trading venues when they intend to sell and transfer them back when they plan to HODL for a more extended period.
As such, the deposits skyrocketed to new highs in mid-May following the FUD prompted by Elon Musk and China. At that point, the price of bitcoin had already started to retrace, but it fell by another $20,000 to around $30,000.
As the dust settled, most invest
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