Bitcoin Continues To Flow Out Of Major Exchanges — Supply Squeeze Soon?
The cryptocurrency market experienced a resurgence post-Easter, with Bitcoin (BTC) gaining over 10% and maintaining a price above $94,000. Significant withdrawals of BTC from major exchanges indicate growing investor confidence. Over 35,000 BTC were moved off Coinbase and Binance recently, with 27,750 BTC withdrawn from Binance on April 25, marking the third-largest net outflow in its history. This trend suggests a shift in investor sentiment towards long-term holding. Analysts note that while large outflows do not guarantee price increases, they often indicate strong institutional activity, which can lead to volatility. Additionally, over 7,000 BTC were withdrawn from Coinbase, suggesting increased institutional engagement. Current BTC price is approximately $95,200, reflecting a nearly 2% rise in the last 24 hours.
