CryptoQuant Analyst: Over $500 Million in Bitcoin Withdrawn from Exchanges Yesterday, Could Signal Bullish Market
CryptoQuant analyst Amr Taha stated that over $500 million worth of Bitcoin was withdrawn from exchanges yesterday, indicating that whales are taking Bitcoin off exchanges, potentially for long-term holding or off-platform use (such as DeFi or cold storage). This is often seen as a bullish signal, suggesting a reduction in selling pressure. More than 7,000 Bitcoins have been withdrawn from the Coinbase exchange.
Over $150 million worth of Ethereum was withdrawn from centralized exchanges yesterday, possibly suggesting that funds are accumulating or preparing for staking/DeFi activities. Similar to Bitcoin, this could also reflect bullish market sentiment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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