According to the results of the trading session of March 14, more than $750 million in BTC was withdrawn from cryptocurrency exchanges. This is the highest number of Bitcoin withdrawals from exchange accounts since May 2023. Moreover, most of it fell on the Bitfinex ($524 million) and Kraken ($130 million) exchanges. About this write IntoTheBlock.
IntoTheBlock analysts noted that the crypto market is showing a classic pattern of liquidity transfer from long-term bitcoin hodlers to speculators' balances.
At the same time, there is a significant increase in spot fixing of profit and demand for futures leverage.
IntoTheBlock believes that the movement of Bitcoins from exchange accounts to private cryptocurrency wallets can be seen as a positive sign of investor confidence in the long-term value of BTC.
After a series of high-profile bankruptcies and hacks, crypto investors are trying not to resort to the services of third-party custodians and prefer to protect their assets themselves.
Earlier, the CEO of the US Chamber of Digital Commerce, Perian Boring, defended Bitcoin as a hedge against inflation and urged lawmakers not to interfere with the use of the first cryptocurrency.
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