Crypto market analysts have tipped the recent BitMEX outflows as a bull factor for Bitcoin and other crypto assets. On July 5 and 6, the exchange recorded large transfers of assets which many have pointed to increased sentiment. A total of 35,807 BTC worth over $2 billion was withdrawn from the crypto exchange.
This massive outflow was flagged by market watchers as a shift in the trend because net exchange flows of the exchange move alongside Bitcoin price. However, this came at a time marked with fluctuations in the market as macro sentiments flipped negative due to certain industry factors.
BitMEX Outflows Can Rally Market
Analysts at on-chain digital asset firm CryptoQuant noted that large outflows from BitMEX suggest that holders might be moving funds to cold wallets which points upward for the market. Traditionally, movements out of centralized exchanges signal long-term holdings while huge flows to exchanges point to an imminent sale.
“This behavior reduces immediate selling
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