BTC Outflows Hit $750 Million, Signaling Potential Price Rise
CryptoNewsTerminal Staff11 Sep, 2024
BTC Outflows Hit $750 Million, Signaling Potential Price Rise
Approximately $750 million worth of Bitcoin (BTC) was withdrawn from major cryptocurrency exchanges on September 10, marking the largest daily outflow since May. This significant movement of BTC from exchanges could indicate an anticipation of price increases or potential regulatory concerns. Institutions may have been involved in these withdrawals, as the outflows occurred on a day with high trading volume. Historically, large BTC outflows have often preceded price increases, as they reduce supply on exchanges and increase demand. For example, on May 31, after about $1 billion worth of BTC left exchanges, the price rallied to $71,000 five days later. Analysts at IntoTheBlock suggest that investors may be moving their BTC to personal wallets in anticipation of price increases. This is a positive sign for the market, as it indicates confidence in the long-term value of BTC.
