Bitcoins are massively withdrawn from exchanges
The rise in the price of BTC above $40,000 led to an increase in interest in bitcoins. They began to massively withdraw from the exchanges. Withdrawal amounts reach several billion dollars.
Over the weekend, the first cryptocurrency experienced several ups and downs. However, on Monday, the price of bitcoin began to level off. A break above $40,000 had a positive impact on the crypto market. More people were buying cryptocurrency and this activated the accumulation model.
🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin $BTC— glassnode alerts (@glassnodealerts) March 21, 2022
➡️ $6.0B in
⬅️ $6.3B out
📉 Net flow: -$298.2M#Ethereum $ETH
➡️ $5.2B in
⬅️ $6.7B out
📉 Net flow: -$1.5B#Tether (ERC20) $USDT
➡️ $4.1B in
⬅️ $4.2B out
📉 Net flow: -$99.0Mhttps://t.co/dk2HbGwhVw
According to Glassnode, the outflow of the currency exceeded the inflow last week. According to analysts, this suggests a bullish outlook in the long term. This became especially noticeable last week in the active purchases of bitcoins on cryptocurrency exchanges.
CEX users actively moved the purchased cryptocurrency to other wallets. For example, on Saturday, more than $1.6 billion worth of BTC was transferred from centralized platforms. This figure for 7 days amounted to $6.3 billion in bitcoins and also continues to exceed the inflow of funds to exchanges, which amounted to $6 billion.
Among the reasons that encourage investors to buy and withdraw cryptocurrency, experts, first of all, name the expectation of an early rise in the price of bitcoin. Last year, the maximum amount of the cryptocurrency was 69 thousand. Now Bitcoin is trading at $40.95 thousand, and in the long term there has been an increase.
The second reason is the fear for the safety of funds. Most are sure that it is better to store funds in wallets, the keys to which are kept by the user. Indeed, in the event of a hacking of the exchange, there is a high probability of being left without funds. This is especially true for those who hold bitcoins for the long term.
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