Bitcoin holders withdrew about 37K BTC from CEXs in one week.
Heightened BTC withdrawal tallies with Bitcoin’s surging prices.
Analysts suspect ongoing BTC accumulation by investors.
Coinglass data shows that Bitcoin accumulation is increasing as its price climbs. Last week, Bitcoin holders pulled roughly 37,000 BTC from centralized exchanges (CEXs). This has sparked a lot of talk about what’s next for Bitcoin.
According to data from Coinglass, Coinbase Pro saw the highest withdrawal volume, with over 15,600 Bitcoins leaving the exchange. Bitcoin holders withdrew over 12,300 Bitcoins from Binance, while other top CEXs like Bitfinex, Gemini, and Kraken also experienced significant BTC withdrawals during the same period.
Crypto analysts say these withdrawals match up with Bitcoin’s recent price gains. Bitcoin continued its upward trend, hitting $106,533. Now, traders think holders are moving their Bitcoin to private wallets for the long haul.
Typically, Bitcoin holders withdraw leave tokens on CEXs when they intend to sell them off for fiat or exchange them for other digital assets. Therefore, withdrawing such tokens suggests they may be preparing to co…
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