The Bitcoin market is giving bullish signals with the increase in spot trading volume on Binance, the return of long-term investors to accumulation, and significant BTC outflows from exchanges.
Since the beginning of June, Binance has increased its share of Bitcoin (BTC) spot trading volume from 26% to 35%, solidifying its market dominance. This coincides with a period when Bitcoin's price is testing significant resistance levels and indicates a resurgence in investor interest.
On the other hand, the net realized position value of Bitcoin's long-term investors (Long-Term Holders - LTH) has risen above 20 billion dollars again. This development indicates that investors who are seen as 'smart money' in the market and have held onto their BTC for a long time are regaining confidence. The increasing accumulation of LTHs is generally considered a precursor to bull markets for Bitcoin because these investors tend to avoid selling during small pullbacks.
Large BTC outflows from exchanges
Recently, more than 20,000 BTC have exited from major exchanges like Kraken and Bitfinex. This situation shows that the supply on exchanges is decreasing and the current demand may create a bottleneck in the market.
Experts believe that the increasing market dominance of Binance, the strengthening position of long-term investors, and supply constraints are collectively supporting the upward movement of Bitcoin prices. Although corrections may occur in the short term, the overall trend is expected to move upwards.
Stay tuned for new developments.