🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

Massive Bitcoin (BTC) Exit From Exchanges May Spell Good Omen, Here's Reason

Published 08/15/2023, 07:15 AM
Updated 08/15/2023, 07:30 AM
© Reuters.  Massive Bitcoin (BTC) Exit From Exchanges May Spell Good Omen, Here's Reason
BTC/USD
-

U.Today - Bitcoin (BTC) has been on everyone's radar over the past week as its price is trading in a very of $29,245 and $30,030 in the past week. The premier asset has been relatively stagnant since the potential approval of Ark Invest's spot Bitcoin ETF product was by the U.S. SEC last week. In what appears as a subtle response, Bitcoin whales now appear to be their funds away from trading platforms, a move that has intensified in the past 24 hours.

Data from Santiment, as shared by renowned on-chain analyst @Ali_Charts, shows that a total of 11,000 BTC have been withdrawn from crypto trading wallets in the past 24 hours. The sum is worth a total of $330 million, and this move serves as a very good omen for Bitcoin's impending bullish run.

The theories backing this bullish run are that whales are no longer mulling a selloff of BTC, and the withdrawal might be targeted at safe custody on hot wallets. While it is hard to note the exact purpose of on-chain transactions, the withdrawals are helping to limit the total BTC supply on secondary marketplaces, lending a positive undertone to the coin's potential price upshoot.

Growing Bitcoin fundamentals

One crucial fundamental surrounding Bitcoin (BTC) today is its correlation with U.S. equities and investment-grade bonds thus far this month.

As earlier by U.Today, The correlation between U.S. equities and the iShares Core U.S. Aggregate Bond ETF (AGG) stood at 40% and 33%, respectively, for the month of August, according to data that comes from data analytics firm Kaiko.

Ahead of the anticipated of a spot Bitcoin ETF, BTC bulls can take solace in this correlation in that it largely legitimizes the coin as a viable investment asset.

This article was originally published on U.Today

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.