- Bitcoin holders withdrew about 37K BTC from CEXs in one week.
- Heightened BTC withdrawal tallies with Bitcoin’s surging prices.
- Analysts suspect ongoing BTC accumulation by investors.
Coinglass data shows that Bitcoin accumulation is increasing as its price climbs. Last week, Bitcoin holders pulled roughly 37,000 BTC from centralized exchanges (CEXs). This has sparked a lot of talk about what’s next for Bitcoin.
According to data from Coinglass, Coinbase Pro saw the highest withdrawal volume, with over 15,600 Bitcoins leaving the exchange. Bitcoin holders withdrew over 12,300 Bitcoins from Binance, while other top CEXs like Bitfinex, Gemini, and Kraken also experienced significant BTC withdrawals during the same period.
Crypto analysts say these withdrawals match up with Bitcoin’s recent price gains. Bitcoin continued its upward trend, hitting $106,533. Now, traders think holders are moving their Bitcoin to private wallets for the long haul.
Typically, Bitcoin holders withdraw leave tokens on CEXs when they intend to sell them off for fiat or exchange them for other digital assets. Therefore, withdrawing such tokens suggests they may be preparing to continue holding for much longer, signaling increasing demand for the pioneer cryptocurrency.
Bitcoin Price Analysis
Meanwhile, Bitcoin has maintained a bullish outlook, surging with notable momentum and generating a dominant open-minded approach from analysts about a potential target in the current bull cycle. BTC’s latest surge confirms the establishment of support around the $100,000 region. Technical analysts consider the cryptocurrency’s behavior since breaking above $100,000 a typical and classic retest case.
Read also: Bitcoin Accumulation Phase Signals Upcoming Surge: Analyst
Bitcoin has climbed above $100,000 a few times after some small pullbacks. This latest climb, along with the behavior of BTC holders, is giving investors confidence. These factors, plus other potentially bullish events, could drive BTC to new highs in this bull run. But, it’s important to remember that things can change quickly in the crypto market, depending on overall conditions.
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