The amount of Bitcoin (BTC) held on exchanges continues in its drastic decline as crypto enthusiasts pull their funds out of trading platforms for long-term holding.
As Bitcoin recovered in March to set a new high for the year, bitcoin exchange outflows jumped, with almost 100,000 BTC being pulled out of exchanges.
Bitcoin Exchange Outflows Near 100K BTC
According to Glassnode, “bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month.” Glassnode explains that the last time Bitcoin exchange outflows reached these heights was in March 2020, after the liquidity crisis.
Bitcoin monthly exchange outflows. Source: Glassnode
The report is backed up by statistics from renowned analyst Will Clemente. Clemente highlighted that “63.15% of Bitcoin’s supply has not moved in at least 1 year.”
The Bitcoin 2022 Conference Approaches
The accumulation of Bitcoin comes just ahead of the Bitcoin conference 2022. The conference, which is one of the biggest events in the crypto industry, is scheduled to be held between April 6th and 9th at the Miami Beach Convention Center.
There have been rumors that Apple could soon integrate Bitcoin payments into Apple Pay, and while this is currently idle speculation, the fact remains that if major players like Apple were to jump on the Bitcoin bandwagon, it would most likely serve to drive the price of Bitcoin upward.
On the Flipside
- After tumbling to under $45k over the weekend, analysts have predicted that Bitcoin could soon experience another bear market.
Why You Should Care
The increasing outflow from exchanges is a sign that crypto investors have resumed Bitcoin accumulation. This phenomenon usually occurs when investors anticipate an increase in the price of Bitcoin.