Decoding what BTC leaving crypto-exchanges means for turtles, pigs, wolves
After leaping over $40,000 and just brushing $45,000 with its fingertips, Bitcoin fell back below $40,000. Adding to that, the king coin was revisiting the prices it passed in late February. Even at press time, Bitcoin was painting a red candle. Rather than giving up in frustration, however, it’s time to see what the metrics have to say.
The biggest question: are investors buying or selling at the moment? Data from Santiment revealed that BTC was leaving crypto exchanges, probably fueled by prices coming close to a six-month low. What’s more, 21 out of the last 26 weeks saw Bitcoin outflows dominating the market.
What’s curious, however, is that Santiment suggested outflow spikes could indicate an upcoming price rise. While recent outflows of 14,700 BTC from exchanges sound like a lot, it’s not much when compared to the outflows in late January 2022, when more than 100,000 BTC left the exchanges.
Sure enough, this was followed by a rally.
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