{"id":634652,"date":"2024-08-11T16:00:56","date_gmt":"2024-08-11T16:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=634652"},"modified":"2024-08-11T10:35:11","modified_gmt":"2024-08-11T10:35:11","slug":"bitcoin-exchange-outflows-soar-to-yearly-high-could-this-fuel-a-return-to-70000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-exchange-outflows-soar-to-yearly-high-could-this-fuel-a-return-to-70000\/","title":{"rendered":"Bitcoin Exchange Outflows Soar To Yearly High &#8211; Could This Fuel A Return To $70,000?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The recent slide in price of Bitcoin below the $60,000 threshold, followed by a subsequent <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-crash-54500-headed\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">drop below $50,000<\/span><\/a><span style=\"font-weight: 400\">, might finally be showing signs of reversal, as suggested by the latest buying trends. These trends indicate a strong accumulation phase among large-scale investors, commonly known as whales, who have been capitalizing on the price dip to bolster their crypto holdings. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/doge\/dogecoin-major-metrics-fire-bullish-signals-can-price-cross-0-5\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Major Metrics Fire Bullish Signals, Can Price Cross $0.5<\/a><\/div>\n<p><span style=\"font-weight: 400\">As such, Bitcoin addresses have collectively withdrawn over $1.7 billion worth of Bitcoin from various exchanges, marking the largest weekly outflow in more than a year.\u00a0<\/span><\/p>\n<h2><strong>Accumulation Trend Amongst Bitcoin Holders<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">According to on-chain data from IntoTheBlock, Bitcoin addresses have been steadily accumulating the coin in the past week. This data is highlighted through the analytic platform&#8217;s netflow data, which is crucial in forecasting an upcoming price uptick or downtrend for cryptocurrencies. The data highlights a significant shift, showing that outflows from exchanges have substantially outpaced inflows, with a staggering $1.7 billion more worth of BTC being withdrawn from exchanges than deposited.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">BTC recorded a whopping $1.7B net outflows from exchanges in the past week, the largest amount in over one year.<\/p>\n<p>This points to large whales accumulating through the recent downturn <a href=\"https:\/\/t.co\/m4INbZmKmB\" rel=\"nofollow\">pic.twitter.com\/m4INbZmKmB<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/45394981?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 9, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Such outflow is typically interpreted as a sign that investors are choosing to hold onto their Bitcoin for the long term, which in turn reduces the amount of BTC available for sale on exchanges.\u00a0<\/span><\/p>\n<h2><b>What Does This Mean For Price?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Recent dynamics in the wider world of investments and increased volatility saw Bitcoin falling below $50,000 again last week. Interestingly, this drastic price drop marked the first time Bitcoin traded below $50,000 in six months. However, be that as it may, the price decline gave many crypto believers a chance to accumulate more BTC at a six-month low. This created buying pressure among some traders, which in turn helped to prop up the price of BTC and helped to prevent further declines.<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/vIx1JgLJ\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">Bitcoin is now trading at $61,228. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">A reduction in Bitcoin available on exchanges can have significant implications for the market. With fewer coins available for sale, buying pressure may increase, <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-headed-for-a-rally-or-ruin-this-key-price-point-could-decide\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">potentially driving up prices<\/span><\/a><span style=\"font-weight: 400\"> as demand remains steady or grows. At the time of writing, Bitcoin is trading at $60,989, having established support at $60,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Considering the prevailing bullish sentiment, this buying pressure may as well be the momentum that pushes the Bitcoin price to the challenging $70,000 price level. However, the journey to $70,000 presents <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-set-for-critical-price-resistance-encounter-analyst\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">four different resistance levels<\/span><\/a><span style=\"font-weight: 400\"> at $63,730, $65,510, $67,350, and $69,150.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-314642\" src=\"https:\/\/i0.wp.com\/bitcoinist.com\/wp-content\/uploads\/2024\/08\/a_a400d0.png?resize=660%2C168&#038;ssl=1\" alt=\"\" width=\"660\" height=\"168\"><\/p>\n<p><span style=\"font-weight: 400\">The buying pressure continues to linger on according to the total flow to and from exchanges. The total flow data shows a negative 61.9% and 12.27% in the past 24 hours and seven-day timeframes, respectively.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin-penetrating-mainstream-macro-capital-markets-what-about-ethereum\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Penetrating Mainstream Macro Capital Markets \u2013 What About Ethereum?<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, Bitcoin is not out of the woods yet, as the exchange on-chain market depth shows there are still more sellers than buyers. At the time of writing, sellers have placed sell orders of 31,458 BTC at an average price of $61,267 on various crypto exchanges. Meanwhile, buyers have placed buy orders for only 27,734 BTC at an average price of $61,263.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-314643\" src=\"https:\/\/i0.wp.com\/bitcoinist.com\/wp-content\/uploads\/2024\/08\/a_c5fa9e.png?resize=662%2C177&#038;ssl=1\" alt=\"\" width=\"662\" height=\"177\"><\/p>\n<p><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent slide in price of Bitcoin below the $60,000 threshold, followed by a subsequent drop below $50,000, might finally be showing signs of reversal, as suggested by the latest buying trends. These trends indicate a strong accumulation phase among large-scale investors, commonly known as whales, who have been capitalizing on the price dip to bolster their crypto holdings. Related Reading: Dogecoin Major Metrics Fire Bullish Signals, Can Price Cross $0.5 As such, Bitcoin addresses have collectively withdrawn over $1.7 billion worth of Bitcoin from various exchanges, marking the largest weekly outflow in more than a year.\u00a0 Accumulation Trend Amongst Bitcoin Holders According to on-chain data from IntoTheBlock, Bitcoin addresses have been steadily accumulating the coin in the past week. This data is highlighted through the analytic platform&#8217;s netflow data, which is crucial in forecasting an upcoming price uptick or downtrend for cryptocurrencies. The data highlights a significant shift, showing that outflows from exchanges have substantially outpaced inflows, with a staggering $1.7 billion more worth of BTC being withdrawn from exchanges than deposited. BTC recorded a whopping $1.7B net outflows from exchanges in the past week, the largest amount in over one year. This points to large whales accumulating through the recent downturn pic.twitter.com\/m4INbZmKmB \u2014 IntoTheBlock (@intotheblock) August 9, 2024 Such outflow is typically interpreted as a sign that investors are choosing to hold onto their Bitcoin for the long term, which in turn reduces the amount of BTC available for sale on exchanges.\u00a0 What Does This Mean For Price? Recent dynamics in the wider world of investments and increased volatility saw Bitcoin falling below $50,000 again last week. Interestingly, this drastic price drop marked the first time Bitcoin traded below $50,000 in six months. However, be that as it may, the price decline gave many crypto believers a chance to accumulate more BTC at a six-month low. This created buying pressure among some traders, which in turn helped to prop up the price of BTC and helped to prevent further declines. A reduction in Bitcoin available on exchanges can have significant implications for the market. With fewer coins available for sale, buying pressure may increase, potentially driving up prices as demand remains steady or grows. At the time of writing, Bitcoin is trading at $60,989, having established support at $60,000.\u00a0 Considering the prevailing bullish sentiment, this buying pressure may as well be the momentum that pushes the Bitcoin price to the challenging $70,000 price level. However, the journey to $70,000 presents four different resistance levels at $63,730, $65,510, $67,350, and $69,150.\u00a0 The buying pressure continues to linger on according to the total flow to and from exchanges. The total flow data shows a negative 61.9% and 12.27% in the past 24 hours and seven-day timeframes, respectively.\u00a0 Related Reading: Bitcoin Penetrating Mainstream Macro Capital Markets \u2013 What About Ethereum? However, Bitcoin is not out of the woods yet, as the exchange on-chain market depth shows there are still more sellers than buyers. At the time of writing, sellers have placed sell orders of 31,458 BTC at an average price of $61,267 on various crypto exchanges. Meanwhile, buyers have placed buy orders for only 27,734 BTC at an average price of $61,263.\u00a0 Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":634664,"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":[428,1119,1144,1558,3504],"class_list":["post-634652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-cryptocurrency","tag-price"],"acf":[],"yoast_head":"\n<title>Bitcoin Exchange Outflows Soar To Yearly High<\/title>\n<meta name=\"description\" content=\"The recent slide in price of Bitcoin below the $60,000 threshold, followed by a subsequent drop below $50,000, might finally be showing signs of reversal,\" \/>\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\/bitcoin-exchange-outflows-soar-to-yearly-high-could-this-fuel-a-return-to-70000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Exchange Outflows Soar To Yearly High\" \/>\n<meta property=\"og:description\" content=\"The recent slide in price of Bitcoin below the $60,000 threshold, followed by a subsequent drop below $50,000, might finally be showing signs of reversal,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-exchange-outflows-soar-to-yearly-high-could-this-fuel-a-return-to-70000\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-11T16:00:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-11T10:35:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/a_8da720.jpg?fit=1125%2C750\" \/>\n\t<meta property=\"og:image:width\" content=\"1125\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Matherson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/MathersonScott\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Matherson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-exchange-outflows-soar-to-yearly-high-could-this-fuel-a-return-to-70000\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-exchange-outflows-soar-to-yearly-high-could-this-fuel-a-return-to-70000\/\"},\"author\":{\"name\":\"Scott Matherson\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\"},\"headline\":\"Bitcoin Exchange Outflows Soar To Yearly High &#8211; 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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