The number of Bitcoin (BTC) held on exchanges continues its drastic decline as crypto enthusiasts pull their funds off trading platforms for long-term holding.
As Bitcoin recovered in March to set a new high for the year, bitcoin exchange outflows jumped, with almost 100,000 BTC pulled out of exchanges.
Bitcoin Exchange Outflows Near 100K BTC
According to Glassnode, “bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month.” Glassnode explains that the last time Bitcoin exchange outflows were higher was in March 2020, after the liquidity crisis.
Bitcoin monthly exchange outflows. Source: Glassnode
The report is backed up by statistics from renowned analyst Will Clemente. Clemente highlighted that “63.15% of Bitcoin’s supply has not moved in at least 1 year.”
Bitcoin 2022 Conference Approaches
The accumulation of Bitcoin comes just before the Bitcoin conference 2022. The conference, which is one of the biggest events in the crypto industry, is scheduled to hold between April 6 and 9 at Miami Beach Convention Center.
There have been rumors that Apple (NASDAQ:AAPL) could integrate Bitcoin payments into Apple Pay. While it remains rumors, if major players like Apple joins the Bitcoin bandwagon, it is most likely to drive the price of Bitcoin upward.
On the Flipside
- After tumbling under $45k over the weekend, analysts have predicted that Bitcoin could experience another bear market
Why You Should Care
The increasing outflow from exchanges is a sign that crypto investors have resumed Bitcoin accumulation. This phenomenon usually occurs when investors anticipate an increase in the price of Bitcoin.
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