• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • bitcoinBitcoin(BTC)$28,357.005.81%
    BITCOIN
    24H : 5.81%
    Volume : $22,120,477,246.00
    Marketcap : $549,015,768,304.00
  • ethereumEthereum(ETH)$1,810.535.28%
    ETHEREUM
    24H : 5.28%
    Volume : $11,602,023,149.00
    Marketcap : $218,387,202,485.00
  • binancecoinBNB(BNB)$317.302.68%
    BNB
    24H : 2.68%
    Volume : $685,512,559.00
    Marketcap : $50,153,976,746.00
  • rippleXRP(XRP)$0.57017.15%
    XRP
    24H : 17.15%
    Volume : $5,109,514,380.00
    Marketcap : $29,509,044,404.00
  • cardanoCardano(ADA)$0.38711.17%
    CARDANO
    24H : 11.17%
    Volume : $541,668,865.00
    Marketcap : $13,580,684,526.00
  • dogecoinDogecoin(DOGE)$0.0765.14%
    DOGECOIN
    24H : 5.14%
    Volume : $477,154,094.00
    Marketcap : $10,563,829,275.00
  • matic-networkPolygon(MATIC)$1.148.70%
    POLYGON
    24H : 8.70%
    Volume : $495,020,283.00
    Marketcap : $10,345,335,853.00
  • solanaSolana(SOL)$21.167.15%
    SOLANA
    24H : 7.15%
    Volume : $523,876,997.00
    Marketcap : $8,166,082,394.00
  • polkadotPolkadot(DOT)$6.246.70%
    POLKADOT
    24H : 6.70%
    Volume : $190,100,297.00
    Marketcap : $7,612,558,960.00
  • okbOKB(OKB)$43.271.13%
    OKB
    24H : 1.13%
    Volume : $40,027,377.00
    Marketcap : $2,598,973,772.00
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

Bitcoin remains bullish following a $2.8 billion outflow from exchange reserves over the last week


March 17, 2022 · By MATheGooner
Bitcoin (BTC)

Bitcoin is being pulled off exchanges in greater numbers these days and on-chain data reveal that roughly 70k BTC has been sent off exchanges in the last few days, which could indicate a positive price trend.

The amount of bitcoins kept on exchanges has been steadily declining in recent months, indicating that crypto enthusiasts are withdrawing cash from trading platforms for long-term holding. 

In the last week, CryptoQuant’s “all exchanges reserve” indicator, which gauges the total amount of Bitcoin saved in wallets of all centralized exchanges, has recorded approximately 70k BTC withdrawals from exchanges, which may not be good for short-term price action but is bullish in the long term.

#BTC #Bitcoin #OnChain ๐Ÿ“‰๐Ÿ“ˆ
๐Ÿ“Š All Exchanges Reserve by @cryptoquant_com ๐ŸŒ

๐Ÿ‘‰ Almost 70K BTC Outflows from exchanges in past few days. This will increase the dominance of Derivatives/Futures in Market Volatility in Short-Term. But in the Long-Term IMO is obvious ACCUMuLATION. pic.twitter.com/uDsTfBT578

— Amir Jafarzadeh (@AmirJafarzade77) March 17, 2022

In general, an influx of crypto-assets into exchanges is bearish for those assets because investors can sell their holdings for fiat or something comparable because supply is readily available. 

If assets flow out of an exchange (as they are currently), it indicates that investors expect a favorable scenario ahead and would rather hold Bitcoin for the long term than store it on less secure exchanges. 

The sideways trend is intriguing because, despite the fact that the price of Bitcoin has been struggling recently and macro risks such as the Russian-Ukraine war hover over the market, the signal has not increased significantly.

Normally, a significant selloff occurs during moments like these, but the fact that the metric is still going sideways indicates that there is still enough demand (that is, outflows) to offset any inflows. For the price of Bitcoin, this trend might be bullish. 

Bitcoin was trading around $40,700 at the time of writing, up more than 7% this week.

Primary Sidebar

LATEST NEWS

Tick-Tock for Crypto Clients: Signature Bank’s Deadline Approaches

March 29, 2023

The SEC’s Crypto Crackdown: Operation Choke Point 2.0 Unveiled

March 29, 2023

Binance and CEO CZ sued by US regulator over alleged illegal activity

March 27, 2023

Terraform Labs co-founder Do Kwon fights back against unjustified detention extension

March 26, 2023

Coinbase to strengthen crypto industry future in the US through political donations

March 25, 2023

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • VPN Users Beware! The RESTRICT Act Could Land You in Hot Water! March 29, 2023
  • Tick-Tock for Crypto Clients: Signature Bank’s Deadline Approaches March 29, 2023
  • The SEC’s Crypto Crackdown: Operation Choke Point 2.0 Unveiled March 29, 2023

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Decentraland (MANA) Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) FTX Token (FTT) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) Terra Classic (LUNC) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) USD Coin (USDC) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2023 ยท Today in Crypto ยท Terms & Privacy ยท Log in