The price of Bitcoin (BTC) appears to have recovered by 6.6% over the past week. Bettors also withdrew their holdings of 28,793 Bitcoin, worth more than $1.9 billion. Leaving the Central Cryptocurrency Trading Board, according to data from Quinglass
The exchange with the largest Bitcoin outflow was Coinbase Pro, with an outflow of 15,916 BTC, while Binance It ranks second with massive withdrawals of 8,118 BTC over the past week.
Bitcoin inflows from centralized exchanges are usually seen as a good sign. This is because it is a sign that investors are not inclined to sell coins in the short term. This may indicate that they are waiting for long-term price growth.
Meanwhile, Bitcoin-related investment products such as Bitcoin ETFs returned to inflows for the second week in a row. There was a net inflow of $942 million last week.
This is what James Butterville, head of research at… Currency stocks This was confirmed and the Consumer Price Index (CPI) results, which were lower than expected, contributed to achieving positive returns for these funds. This is because more than 89% of flows occurred after the week's announcement.
Furthermore, Bitfinex analysts noted that new Bitcoin bookmakers began accumulating BTC at prices as high as $60,000, while long-term holders continued to maintain their positions. It shows investors' confidence in the currency price.
“Even Short Term Holders (STH) saw their supply stake increase from 19% at the start of the year to 26.1%, but their costs averaged around $61,046, making this an important level to maintain to avoid a sell-off. Monitor it because STH and ETF buyers seem to sell quickly if the price is below cost.
source: Encryption briefing
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