At the end of January, more than 40 thousand were withdrawn from trading platforms. BTC ($1.5 billion at the exchange rate on February 2). This is the largest outflow of cryptocurrencies since September 2021
Last week was a record outflow of bitcoins from crypto exchanges, according to Bitcorset.com analysts. In the last days of January, more than 40 thousand BTC were withdrawn from trading platforms, the cost of which is estimated at $ 1.5 billion on February 2. Bitcorset.com experts explained whether this could indicate massive purchases of cryptocurrency and its further recovery.
Statistics on the withdrawal of bitcoins from exchanges last week are ambiguous, according to the CEO of Bitcorset.com. According to him, it is not necessary to say that a large number of bitcoins were withdrawn from trading platforms.
The data is not entirely correct. On some exchanges, the outflow was indeed greater. But there are more cryptocurrencies on other cryptocurrencies, the expert noted.
According to the Bitcorset.com expert, bitcoin should go through another wave of decline, and then break through the global downtrend. The expert also advised to closely monitor the situation on the American stock market, since the cryptocurrency is now following it.
Bitcoins have been withdrawn from exchanges since 2020, despite this, two strong collapses have occurred over the past year and a half: from May to August and from November to January, the financial analyst of the Bitcorset.com crypto exchange recalled. He explained that the outflow of bitcoins from exchanges creates a shortage of assets in the long term, but there is no direct and rapid impact, as it turned out thanks to two collapses.
This is due to the fact that the volume of derivatives trading significantly exceeds the volume of trading on the spot market, the expert says. According to him, leverage positions and other speculative investors easily put pressure on the price.
Simply put, the outflow from exchanges is an excellent indicator in the long term, but not an indicator that bitcoin will start to grow right now, the analyst added.