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Bitcoin Drying Up: 22,647 BTC Removed from Exchanges in Just 7 Days

22,647 BTC worth $1.5 billion removed from exchanges in the last week.

Mon, 10 Jun 2024, 02:16 am UTC

In the past week, approximately 22,647 Bitcoins, valued at over $1.5 billion, have been withdrawn from cryptocurrency exchanges, according to technical analyst Ali Martinez, indicating a significant market shift.

Analyst Ali Martinez Reveals Over $1.5 Billion in Bitcoin Withdrawn from Exchanges in a Week, Signaling Market Shift

Market analyst Ali Martinez disclosed that over $1.5 billion has been removed from exchanges in the past week, indicating that Bitcoin is being removed at an accelerated rate.

According to CoinGape, in the past few weeks, a substantial amount of Bitcoin (BTC) has been expelled from the platforms of numerous cryptocurrency exchanges, which indicates that sellers may be withdrawing from the market.

According to technical analyst Ali Martinez, approximately 22,647 Bitcoins were withdrawn from crypto exchanges in the past week. These digital asset trading platforms have exited a total of $1.57 billion, as indicated by this figure. These are ably departing likely centralized exchanges to be stored on alternative platforms, which could be interpreted as a bullish development.

This new development coincides with a substantial decrease in the flagship cryptocurrency's price. Bitcoin was trading at $69,326.16 at the time of publication, following a 2.35% decrease in value over the previous 24 hours. Investors and crypto devotees were thrilled by the coin's recent ascent above $70,000. Nevertheless, it abruptly entered an adverse decline on Friday following the publication of US employmentdata.

According to the data, the United States increased its employment by 272,000 in May, surpassing market expectations. However, the unemployment rate increased to 4%.

A decrease in GameStop's share price is also suspected to be the cause of the coin's price decline, which has had a detrimental effect on the sentiment in the cryptocurrency market. The Bitcoin Dominance metric, an indicator of the proportion of BTC's total cryptocurrency market capitalization, is currently in a favorable state. This demonstrates that Bitcoin is still outperforming other digital currencies despite its price decline and undergoing a retracement.

Crypto Fear & Greed Index Drops to 77 as Bitcoin Withdrawals from Exchanges and BlackRock's Holdings Rise

The "Crypto Fear & Greed Index" metrics typically indicate the market sentiment of digital assets.

This metric has decreased by 1.28% to approximately 77, indicating that the market sentiment remains in the "Greed" category. It is essential to consider that severe greed is typically the final phase of a bull market, and it is currently on course to reach this level for BTC.

The direction in which Bitcoin departs from centralized exchanges has yet to be apparent; however, the rise in the Bitcoin holdings of investment asset management firms is a noteworthy development. BlackRock has experienced a substantial increase in Bitcoin volume since the introduction of spot Bitcoin ETFs.

BlackRock's IBIT has amassed more than 300,000 BTC in Assets Under Management (AUM) in just five months of trading.

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