An increase in the number of bitcoins issued and transferred from cryptocurrency exchanges to private wallets
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Answer An increase in the number of bitcoins issued and transferred from cryptocurrency exchanges to private wallets
The shrinking market capitalization of bitcoin since the beginning of 2022 has not discouraged retail and institutional investors from taking up cryptocurrency.
It seems that Bitcoin whales have plans and expectations for Bitcoin to rise in the long term as they prefer to take their cryptocurrencies out of the exchanges towards unknown and cold wallets.
Blockchain analytics platform Santiment has highlighted a significant jump in the outflow of bitcoin from cryptocurrency exchanges.
According to “Santiment,” nearly 26,300 Bitcoin left digital trading platforms last Tuesday, the highest level since October 25, 2021, as the platform revealed in a tweet that:
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Even though bitcoin is down 36% from its all-time high two months ago, cryptocurrencies continue to move away from exchanges at an impressive rate.
The difference of 26.3 thousand bitcoins between the outflow from the trading platforms and the inflow from yesterday is an encouraging sign that the risk of continued selling is low.
The increased outflow includes the movement of 4,793 bitcoins worth over $200 million from Binance to the Xapo wallet.
According to Whale Alert, many of these transactions were executed on January 11, 2022 at 22:31 UTC.
Oversold?
Gorian Timmer, an executive at Fidelity, believes that Bitcoin is technically oversold.
Noting that the $40,000 level provides good support for Bitcoin, he added:
The $30K level in 2021 provided support based on the Special Demand Form.
This same level appears to have risen to $40K, once again providing primary support.
It is a moving target that generally provides a mainstay for the price.
The Fed’s tough stance on inflation has had a wide-ranging impact on financial markets in general and on the crypto market in particular.
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