According to new data from on-chain analytics platform Glassnode, Bitcoin exchange balances have plummeted to their lowest levels since the bearish market in late 2018.
A new report from market analyst Will Clemente shows that two massive outflows occurred over the past 24 hours. He noted that:
“Two massive outflows today: one worth 23,530 BTC this morning and another batch worth 40,181 BTC about a half-hour ago.”
BTC outflow from centralized cryptocurrency exchanges typically indicates an underlying bullish sentiment for the cryptocurrency. It means that the assets could be getting moved to cold storage in anticipation of a price rally.
Likewise, when there are significant inflows into crypto exchanges, it signifies a bearish outlook on the market as investors are getting ready for liquidation.
In April and May, the market recorded the mass transfer of BTC to exchanges, which reversed the year’s trend. Bitcoin peaked at $64,800 in April and has since remained in a downward trending pattern. That said, the ongoing mass withdrawal of BTC from exchanges indicates that the downward trend might have ended.
Bitcoin Sees Massive Whale Activities this Week
Over the past few days, blockchain and large transaction analytics platform Whale Alert observed about 50 transactions totaling 456k BTC worth $18.5 billion at current market prices. The platform noted on Wednesday that:
“9,977 #BTC (399,349,419 USD) transferred from unknown wallet to unknown wallet.”
Meanwhile, Bybt and CryptoQuant revealed that the market recorded its highest one-day outflow of coins over the past year this week, with 57k BTC leaving crypto exchanges under 24 hours.
While it is unclear which entities own these whale addresses or where the crypto assets are getting moved to, there is no denying that Bitcoin is rapidly leaving centralized exchanges.
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