CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
NewsBTC 2025-02-08 03:30:14

Bitcoin Sees Largest Exchange Withdrawals Since FTX Collapse—What’s Next?

Bitcoin’s price performance remains subdued, with the cryptocurrency trading above $97,000 at the time of writing—a roughly 6.5% decline over the past week. The crypto asset has yet to reclaim the $100,000 level it lost earlier this week, leaving market participants uncertain about the near-term direction. Amid this backdrop, one CryptoQuant contributor, known as caueconomy, provided an analysis of a significant development involving Bitcoin’s exchange withdrawals. Related Reading: Bitcoin Still In Bull Market, On-Chain Indicator Confirms Largest Exchange Withdrawals Since FTX Collapse In a recent post, caueconomy highlighted the largest volume of exchange withdrawals since the FTX collapse. According to the data, over 47,000 BTC were removed from exchange reserves. While some of these movements may be internal, they also indicate potential accumulation by a large market player or institutional entity. This trend of Bitcoin moving off exchanges typically signals a long-term bullish perspective, as fewer coins available for trading may lead to reduced sell-side pressure over time. However, the analyst clarified that this shift does not produce an immediate supply shock capable of impacting Bitcoin’s price in the short term. Instead, it points to a gradual accumulation phase that could provide support for future price appreciation. The largest volume of exchange withdrawals since the collapse of FTX “While these withdrawals do not reflect an immediate “supply shock” to the price of bitcoin… it still reveals a trend of accumulation by large players.” – By @caueconomy Full post 👇https://t.co/ZjYBijDOZp pic.twitter.com/ZEWj95wtfD — CryptoQuant.com (@cryptoquant_com) February 7, 2025 Bitcoin Breakout On The Horizon? Meanwhile, another CryptoQuant analyst, Onatt, offered insights into potential breakout scenarios for Bitcoin. Onatt pointed to the strong buying interest captured in the Coinbase Premium Index, a measure that compares Bitcoin’s price on Coinbase to other exchanges. A positive premium often reflects heightened demand from institutional investors, suggesting that the market’s upward potential is intact. Onatt also noted the crossover of key moving averages—SMA14 and SMA60—indicating a possible build-up of bullish momentum. The analyst further highlighted Bitcoin’s increasing correlation with gold and the S&P 500, indicating that the cryptocurrency’s performance may align more closely with traditional risk assets. If the broader financial markets adopt a “risk-on” sentiment, Bitcoin could see an upward trend. Related Reading: Bitcoin Network Activity Slumps To One-Year Low – Is BTC Overpriced? Additionally, Federal Reserve Chairman Jerome Powell’s recent comments regarding the limited impact of employment data on inflation have helped stabilize market expectations. As long as economic data remains within forecasted ranges, positive sentiment toward Bitcoin and other risk assets may continue to grow. Featured image created with DALL-E, Chart from TradingView

Lesen Sie den Haftungsausschluss : Alle hierin bereitgestellten Inhalte unserer Website, Hyperlinks, zugehörige Anwendungen, Foren, Blogs, Social-Media-Konten und andere Plattformen („Website“) dienen ausschließlich Ihrer allgemeinen Information und werden aus Quellen Dritter bezogen. Wir geben keinerlei Garantien in Bezug auf unseren Inhalt, einschließlich, aber nicht beschränkt auf Genauigkeit und Aktualität. Kein Teil der Inhalte, die wir zur Verfügung stellen, stellt Finanzberatung, Rechtsberatung oder eine andere Form der Beratung dar, die für Ihr spezifisches Vertrauen zu irgendeinem Zweck bestimmt ist. Die Verwendung oder das Vertrauen in unsere Inhalte erfolgt ausschließlich auf eigenes Risiko und Ermessen. Sie sollten Ihre eigenen Untersuchungen durchführen, unsere Inhalte prüfen, analysieren und überprüfen, bevor Sie sich darauf verlassen. Der Handel ist eine sehr riskante Aktivität, die zu erheblichen Verlusten führen kann. Konsultieren Sie daher Ihren Finanzberater, bevor Sie eine Entscheidung treffen. Kein Inhalt unserer Website ist als Aufforderung oder Angebot zu verstehen