Over $2.6B Worth Of Bitcoin Has Been Removed From Exchanges In The Last 15 Days As Bullish Sentiments Mount.

After Bitcoin (BTC) recently broke above the $40,000 level and has maintained its multi-day upward trend, there has been a significant outflow of the popular digital currency from multiple crypto exchanges.

According to a figure released by Bitcoin Archive on March 22 by the on-chain analytics company Glassnode, about 61,000 Bitcoin have been removed from exchanges in just 15 days.

Based on the price of Bitcoin at the time of publication, the amount that departed exchanges equal to around $2.6 billion.

Specifically, the quantity of Bitcoin on these exchanges 15 days prior to the time of publishing was roughly 2.57 million BTC, whereas the exchange wallets contained almost 2.51 million BTC at the time of publication.

According to statistics from another crypto analytics business IntoTheBlock, which was provided on the same day, as much as 15,000 BTC, or roughly $638 million, was withdrawn from exchanges in only one day.

This is the highest outflow since January 29, 2022, according to IntoTheBlock. The platform further stated:

“The last time BTC experienced a large outflow, it was followed by a significant rise in price.”

As the bullish sentiment for BTC grows, the Canadian Purpose Bitcoin exchange-traded fund (ETF) just hit an all-time high of 34,850 BTC.

Notably, this surpasses the previous record of 34,760 BTC established on March 3, 2022, according to Glassnode statistics tweeted on March 22 by market expert Jan Wüstenfeld.

Finally, BTC’s price at the time of publication was $42,556, representing an 8.78%  increase from seven days prior when it traded below the critical $40,000 level at $39,120.

The greatest cryptocurrency in this sense has a market value of $807.90 billion, with a $64.77 billion increase in only one week, according to CoinMarketCap statistics.

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Patrick

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