Massive Bitcoin Withdrawals: 3.77M BTC Leave Exchanges, Bullish Sign?

The bitcoin market is experiencing a strategic moment. Certainly, the price of the flagship crypto has rebounded above $109,000. However, a major data point fuels bullish expectations. Details in the following paragraphs!

A long-term strategy around BTC: the time for self-custody

According to Alphractal’s on-chain analysis, more than 3.77 million BTC have been withdrawn from crypto exchanges in the past five years. This represents nearly $219 billion.

This phenomenon reflects a significant evolution in the behavior of long-term investors. By withdrawing their BTC to private wallets, these actors indeed signal a clear intention of value preservation.

This wave of capital outflows is therefore part of a HODL dynamic. It significantly reduces the supply of bitcoin available on cryptocurrency exchange platforms. This upstream mitigates selling pressure on the market.

Historically, this type of configuration has often preceded strong rises in the BTC price . And not only that! This behavior also indicates greater maturity among holders. They seem increasingly confident in bitcoin’s long-term prospects.

Bitcoin toward $230,000? On-chain signals align

On-chain flows indicate a strong bullish trend.

• For trader Tardigrade , for example, the crypto king asset follows a central moving average trajectory. If bitcoin crosses this technical line again, its price could climb to $230,000 before a possible pullback.
• The weekly chart shows that BTC could enter an acceleration phase. This would be driven by the increasing scarcity of the available supply.

Note that during the week, more than 6 million bitcoins have already vanished forever from the market .

This configuration, coupled with growing confidence from long-term investors, could redefine supply and demand dynamics in the crypto market.

With a limited number of BTC available on crypto exchanges, bitcoin could soon enter a new bullish phase. Investors are well advised to closely monitor market moves in the coming days!