Bitcoin continues to exude strength despite the price being 38% below its all-time high. This strength is however being attributed to several reasons that experts argue are key recipes in igniting a sustained bull run this winter.
One glaring development has been the abrupt rise in Bitcoin outflows this week. According to the latest data by Cryptoquant, over 26,300 BTC was taken out of exchanges on Wednesday, with IntotheBlock reporting a 30,054 BTC outflow on Monday. The last time such a huge depletion happened was in September 2021, ushering in a bull market that saw a price surge by over 66%.
Exchange outflows are considered bullish for the market as they are seen as reducing the risk of selling Bitcoin, leading to a price plunge. Outflows also captivate more buying which is essential in adding steam to any crypto price rise.