As bitcoin (BTC) soars to $42,000 and beyond, trading above $43,000 at press time, the premier cryptocurrency by market cap saw more than 15,000 BTC in outflows from exchanges earlier this week. It’s the largest outflow from exchanges since the 29th of January, according to data from crypto analysts IntoTheBlock.
This constitutes a positive sign for the price action of bitcoin, since assets taken off exchanges, and likely transferred to cold storage, are less likely to be sold in the short- to medium term. The last time BTC experienced a large outflow, it was followed by a significant rise in price.
Largest amount of ether withdrawn from Exchanges in 2022
Not only is bitcoin transferred out of exchanges in large troves, ether, the second-largest cryptocurrency by market cap, saw another major outflow from exchanges on Wednesday. According to InteTheBlock, this was the largest amount of ether withdrawn from Exchanges in 2022, as over 180,000 ETH was withdrawn from centralized exchange
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