- Around 61,000 Bitcoin was withdrawn from exchanges in just 15 days.
- The last time BTC had a substantial outflow, the price rose significantly.
The price of Bitcoin rose over $43k for the first time in a long time. After a 24-hour retracement, BTC regained $44,000 and went on the offensive. Since March 2, the cryptocurrency has been on an upward trajectory, reaching and briefly above $45,000, its highest price to date this month.
Since the war between Russia and Ukraine erupted, whale behavior involving the most renowned cryptocurrency was something to keep an eye on. There was an 8.3 percent increase in the number of coins in wallets containing 1,000 to 10,000 BTC since the Russia-Ukraine conflict, according to Santiment.
Bullish Momentum Anticipated
A one-year high of 2,203 addresses with $44.2 million to $440.2 million worth of BTC apiece was reported by on-chain analytics company Santiment. The set of addresses having between 100 and 1,000 BTC, on the other hand, has “historically foreshadowed price moves.”
The tweet read:
“The 2,203 addresses are at a 1-yr high. Both this tier & the 100 to 1k $BTC tier have historically foreshadowed price moves.”
Other evidence indicated that the flagship cryptocurrency’s price was about to take off. Following this breakthrough, for example, money flow into riskier asset classes surged significantly. Glassnode’s co-founder elaborated on this by comparing the growth to that of US government bonds.
A significant amount of the popular digital currency witnessed outflow from several crypto exchanges. Around 61,000 Bitcoin was withdrawn from exchanges in just 15 days. Based on the current price of Bitcoin, the amount of money that left exchanges is around $2.6 billion. The last time BTC had a substantial outflow, the price rose significantly. This was a clear sign that the bullish narratives around the master coin were gaining momentum.