In other words, $2.21 billion worth of Bitcoin was withdrawn from multiple crypto exchanges in a single week.
what does this indicate
In general, flows in and out of crypto exchanges tend to fluctuate with changes in market sentiment. Meanwhile, rising cash inflows indicate increased selling pressure. Massive outflows indicate increased buying pressure.
In this case, this means that investors prefer to buy Bitcoin rather than sell it or choose to store their assets elsewhere. It also indicates a potential uptrend that may occur in the near future. If there is still a steady flow of BTC every day.
However, Bitcoin is currently trading at $20,396, down 3.60% in the past 24 hours and 0.57% over the previous 7 days, according to data retrieved from BTC. CoinMarketCap
Meanwhile, Gareth Soloway, Chief Marketing Strategist at InTheMoneyStocks.com He expressed his opinion that a $10,000 correction of Bitcoin was still in his mind.
Katie Stockton, founder of Fairlead Strategies, forecasts the BTC situation, believing that BTC could fall between $18,300 and $19,500.
However, commodities strategist Mike McGlone is of the opinion that the pre-pandemic deflation will occur in the second half of the year, allowing Bitcoin, gold and US Treasury bonds to rise. will become the largest beneficiary