Bullish signal: nearly 28,000 BTC left centralized exchanges in 7 days

Bitcoin
(BTC)
showed
a
6.6%
recovery
in
the
last
seven
days,
and
investors
withdrew
their
BTC
holdings
from
centralized
exchanges
as
a
result,


according
to
data
aggregator
Coinglass.
In
the
last
seven
days,
27,975.21
BTC
left
the
20
exchanges
tracked
by
the
data
platform,
roughly
$1.9
billion
at
the
time
of
writing.

Coinbase
Pro
saw
the
most
outflows,
with
15,891.79
BTC
leaving
the
exchange
focused
on
seasoned
traders.
Binance
came
in
second,
with
investors
withdrawing
7669.64
BTC
from
the
exchange
in
the
past
week.

Crypto
outflows
from
centralized
exchanges
are
commonly
seen
as
a
bullish
sign,
indicating
that
investors
are
not
inclined
to
sell
their
holdings
in
the
short
term,
possibly
awaiting
price
growth.
The
total
amount
of
Bitcoin
left
in
centralized
exchanges
tracked
by
Coinglass
is
1.72
million
BTC,
the
lowest
level
of
2024
so
far. 

Despite
the
week
of
Bitcoin
outflows,
Bithumb
saw
an
increase
of
1,612.50
BTC
in
the
same
period.
Gate.io
and
OKX
also
saw
positive
Bitcoin
flows
to
their
platforms,
registering
381.25
BTC
and
345.04
BTC
in
deposits,
respectively.

Meanwhile,
the
Bitcoin-related
crypto
investment
products
registered
positive
flows
for
the
second
consecutive
week,
with
$942
million
invested
in
the
last
week.
James
Butterfill,
head
of
research
at
CoinShares,


highlighted
that
the
below-expected
Consumer
Price
Index
(CPI)
result
was
responsible
for
this
positive
change,
as
the
latter
three
trading
days
of
the
week
made
up
89%
of
the
total
flows.

Moreover,
Bitfinex’s
analysts
pointed
out
that
new
Bitcoin
whales
accumulated
BTC
around
the
$60,000
mark,
while
long-term
holders
maintained
their
positions.
The
latest
edition
of
the
“Bitfinex
Alpha”
report
underscores
that
this
paints
a
landscape
where
investors
show
confidence
in
BTC’s
price.

“Even
for
short-term
holders
(STH),
whose
portion
of
the
supply
has
increased
from
19%
at
the
beginning
of
the
year
to
26.1%
currently
has
an
average
cost
basis
of
approximately
$61,046,
making
this
an
essential
level
to
maintain
to
avoid
triggering
sell-offs.
This
is
an
important
cohort
to
watch
though,
as
STHs
and
ETF
buyers
seem
to
be
quick
to
sell
if
prices
fall
below
their
acquisition
cost.”