CryptoQuant stated that the key factor in the sharp growth was the emergence of a large buyer on the Binance cryptocurrency exchange. Until this point, the main role in the price movement was played by US traders on Coinbase. Analysts emphasized that the purchase occurred synchronously with the breakout of the historical maximum, which may indicate the intention of institutional investors to continue accumulation. "This trend of decreasing the number of coins on exchanges indicates a decrease in the risk of sudden market collapses and that long-term investors increasingly prefer to keep assets in their own wallets," Santiment noted.
🧑🏫 Santiment experts commented on the situation on July 10, when Bitcoin exceeded $ 113,000. According to them, even after growth of more than 13% from the local minimum on June 22, traders are in no hurry to withdraw the asset from the exchange. ❗They added that the number of bitcoins on centralized platforms continues to decline: over the past four months alone, more than 315,000 BTC have been withdrawn. Compared to July 2020, the figure decreased by 1.88 million BTC, or 61%.
