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Bitcoin (BTC) Hasn’t Been This Bullish In a Year.



Bitcoin (BTC) Hasn't Been This Bullish In a Year.

(CTN News) – On December 27, centralized cryptocurrency exchanges experienced a significant outflow of bitcoins (BTC), marking the largest single-day withdrawal in over a year.

Blockchain intelligence platform Glassnode reported that approximately 28,000 BTC, equivalent to around $1.19 billion, departed from these trading platforms.

The Greatest Influx in a Single Day within a Year.

Since December 14, 2022, there has been a significant decrease in the number of bitcoins leaving centralized exchanges. According to data from the on-chain analytics platform CryptoQuant, Coinbase, the largest American crypto exchange, witnessed outflows of 18,000 BTC, equivalent to approximately $774 million.

Coinbase has experienced the highest outflows compared to other exchanges, with more than 31,400 BTC leaving the platform in the last 30 days, as reported by CoinGlass.

On the other hand, Binance, the world’s largest exchange, recorded the largest 24-hour BTC outflows, totaling over 5,858 BTC.

These high outflows from centralized exchanges indicate a shift among bitcoin holders towards self-custody solutions and long-term holding strategies. The balances on centralized exchange wallets have been declining and currently stand at around 2.3 million, the lowest level since April 2018.

Furthermore, the decrease in bitcoin supply on exchanges suggests a lack of selling pressure and optimism for a potential increase in price movement. This can be attributed to the anticipated approval of numerous spot Bitcoin exchange-traded funds (ETFs) in January, which is expected to trigger a significant rally in BTC’s price as more money flows into the network.

Bitcoin experiences an increase in value.

2023 has been a great year for bitcoin, with impressive growth in the last 30 days alone. The network has gained 51 million addresses, with an average balance of $15,913 and an average holding time of four years and three months. Around 31% of the circulating BTC supply has remained untouched for five years, showing long-term commitment from holders.

The network has also seen an average of 16,435 large transactions per day and 550 daily transactions over the past month. In terms of investment, the crypto market received $103 million in funds, with bitcoin funds receiving $87.6 million. This sustained interest from investors bodes well for the future of bitcoin and the wider crypto market.


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