Recent on-chain data reveals a significant shift in the Bitcoin market. In the past 48 hours, approximately 40,000 BTC has been withdrawn from crypto exchanges. This notable outflow coincides with a period of relatively flat Bitcoin prices, suggesting that major market players may see the current price as an attractive buying opportunity.
At the time of this report, Bitcoin had risen by 1.11% over the past 24 hours, trading at $59,478, following a peak of $61,194 in the previous trading session. Despite this recent uptick, Bitcoin remains down 2.24% for the week.
Crypto analyst Ali pointed out that this large withdrawal aligns with a recent dip in Bitcoin prices, as revealed by on-chain data from Santiment. The 40,000 BTC outflow, worth around $2.4 billion, suggests significant buying interest or a move to cold storage, which is often interpreted as a bullish signal indicating long-term holding rather than short-term selling.
Santiment also noted an increase in accumulation by wallets holding between 10 and 10,000 BTC over the past month. These wallets have collectively added 133,300 BTC, while smaller traders have been reducing their holdings.
The trend of decreasing Bitcoin reserves on exchanges, as reported by CryptoQuant, reflects a broader move toward self-custody among investors. This reduction in available Bitcoin on exchanges generally decreases selling pressure, which could potentially support a bullish market if demand continues to rise.