{"id":601820,"date":"2024-04-07T09:50:06","date_gmt":"2024-04-07T09:50:06","guid":{"rendered":"https:\/\/wncen.com\/?p=601820"},"modified":"2024-06-11T10:45:43","modified_gmt":"2024-06-11T10:45:43","slug":"111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price\/","title":{"rendered":"111,000 BTC Move Out Of Exchange Wallets In A Month – Impact On Bitcoin Price?"},"content":{"rendered":"

The Bitcoin price has somewhat slowed down since reaching the unprecedented high<\/a> of $73,000, moving mostly sideways since mid-March. However, with the halving event less than a fortnight away, all eyes will be on the premier cryptocurrency and all that pertains to it over the next couple of weeks.<\/span><\/p>\n

According to a recent on-chain observation, the BTC supply on exchanges has been on a steady decline over the past few months. This trend has sparked discussions on what this could mean for the Bitcoin price, both in the short and long term.<\/span><\/p>\n

$7.55 Billion Transferred Out Of Exchange Wallets In The Past Month<\/strong><\/h2>\n

Prominent crypto pundit Ali Martinez took to the X<\/a> platform to share that a significant amount of Bitcoin has been moved out of crypto exchanges over the past month. The relevant metric here is Glassnode\u2019s Balance on Exchanges, which tracks the total amount of a cryptocurrency (Bitcoin, in this case) held across all exchange addresses.<\/span><\/p>\n

Related Reading: Bitcoin Short-Term Holders Go On 1.2 Million BTC Buying Spree, Is Retail Finally Here?<\/a><\/div>\n

A decrease in the value of this indicator implies that investors are making more withdrawals than deposits of Bitcoin into centralized exchanges. The metric\u2019s increase, on the other hand, indicates that more BTC is flowing into these exchanges than leaving.<\/span><\/p>\n

\"Bitcoin<\/p>\n

Chart showing Bitcoin balance on all exchanges | Source: Ali_charts\/X<\/a><\/pre>\n
According to Martinez<\/a>, about 111,000 BTC (worth approximately $7.55 billion) have been transferred out of known crypto exchange wallets in the past month. Typically, an exodus of funds (of this magnitude) suggests a significant shift in the sentiment of Bitcoin investors.<\/span><\/p>\n
While the exact rationale behind such a massive movement of Bitcoin remains unclear, the flow of funds from trading platforms suggests a growth in investor confidence. This implies that BTC owners are more interested in holding their assets in the long term rather than selling for short-term gains.<\/span><\/p>\n
Furthermore, this continuous downward trend in BTC\u2019s balance on exchanges could set the stage for a bullish rally for the Bitcoin price. A sustained drop in the BTC\u2019s supply on centralized exchanges<\/a> could result in a supply crunch – a scenario where the supply of a particular asset is lower than its demand, leading to a surge in its value.\u00a0<\/span><\/p>\n
Another potential bullish catalyst for the Bitcoin price is the upcoming halving event<\/a>, which is expected to occur on April 18, 2024. With the miners\u2019 rewards slashed in half and the production of Bitcoin slowed, this event is expected to impact the value of BTC positively.<\/span><\/p>\n
Bitcoin Price At A Glance<\/strong><\/h2>\n
As of this writing, the Bitcoin price stands at around $69,537, reflecting a 2.7% increase in the last 24 hours.<\/span><\/p>\n
Related Reading: Breakout Of The Year? Crypto Analyst Predicts Where NEAR Is Headed Next<\/a><\/div>\n
\"Bitcoin<\/p>\n
Bitcoin price on the verge of $70,000 on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has somewhat slowed down since reaching the unprecedented high of $73,000, moving mostly sideways since mid-March. However, with the halving event less than a fortnight away, all eyes will be on the premier cryptocurrency and all that pertains to it over the next couple of weeks. According to a recent on-chain observation, the BTC supply on exchanges has been on a steady decline over the past few months. This trend has sparked discussions on what this could mean for the Bitcoin price, both in the short and long term. $7.55 Billion Transferred Out Of Exchange Wallets In The Past Month Prominent crypto pundit Ali Martinez took to the X platform to share that a significant amount of Bitcoin has been moved out of crypto exchanges over the past month. The relevant metric here is Glassnode\u2019s Balance on Exchanges, which tracks the total amount of a cryptocurrency (Bitcoin, in this case) held across all exchange addresses. Related Reading: Bitcoin Short-Term Holders Go On 1.2 Million BTC Buying Spree, Is Retail Finally Here? A decrease in the value of this indicator implies that investors are making more withdrawals than deposits of Bitcoin into centralized exchanges. The metric\u2019s increase, on the other hand, indicates that more BTC is flowing into these exchanges than leaving. Chart showing Bitcoin balance on all exchanges | Source: Ali_charts\/X According to Martinez, about 111,000 BTC (worth approximately $7.55 billion) have been transferred out of known crypto exchange wallets in the past month. Typically, an exodus of funds (of this magnitude) suggests a significant shift in the sentiment of Bitcoin investors. While the exact rationale behind such a massive movement of Bitcoin remains unclear, the flow of funds from trading platforms suggests a growth in investor confidence. This implies that BTC owners are more interested in holding their assets in the long term rather than selling for short-term gains. Furthermore, this continuous downward trend in BTC\u2019s balance on exchanges could set the stage for a bullish rally for the Bitcoin price. A sustained drop in the BTC\u2019s supply on centralized exchanges could result in a supply crunch – a scenario where the supply of a particular asset is lower than its demand, leading to a surge in its value.\u00a0 Another potential bullish catalyst for the Bitcoin price is the upcoming halving event, which is expected to occur on April 18, 2024. With the miners\u2019 rewards slashed in half and the production of Bitcoin slowed, this event is expected to impact the value of BTC positively. Bitcoin Price At A Glance As of this writing, the Bitcoin price stands at around $69,537, reflecting a 2.7% increase in the last 24 hours. Related Reading: Breakout Of The Year? Crypto Analyst Predicts Where NEAR Is Headed Next Bitcoin price on the verge of $70,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":541188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87818,428,679,1119,1122,78790,61309],"class_list":["post-601820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-glassnode"],"acf":[],"yoast_head":"\n111,000 BTC Move Out Of Exchange Wallets In A Month - Impact On Bitcoin Price?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has somewhat slowed down since reaching the unprecedented high of $73,000, moving mostly sideways since mid-March.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"111,000 BTC Move Out Of Exchange Wallets In A Month - 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"111,000 BTC Move Out Of Exchange Wallets In A Month – Impact On Bitcoin Price?","url":"http:\/\/wncen.com\/news\/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1356804795.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1356804795.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ali martinez","bitcoin","bitcoin price","btc","btc price","btcusdt","glassnode"],"dateCreated":"2024-04-07T09:50:06Z","datePublished":"2024-04-07T09:50:06Z","dateModified":"2024-06-11T10:45:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"111,000 BTC Move Out Of Exchange Wallets In A Month – Impact On Bitcoin Price?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1356804795.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1356804795.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ali martinez\",\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusdt\",\"glassnode\"],\"dateCreated\":\"2024-04-07T09:50:06Z\",\"datePublished\":\"2024-04-07T09:50:06Z\",\"dateModified\":\"2024-06-11T10:45:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1356804795.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=601820"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/541188"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=601820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=601820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=601820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}