Bitcoin exchange inflows have decreased as miner outflows increase, leading to a significant drop in BTC held on exchanges. The total number of Bitcoin held on exchanges has dropped below 100,000 BTC, indicating a bullish trend in the market.
According to on-chain data, miners are holding onto their BTC reserves instead of selling them on exchanges. This behavior is consistent with a long-term bullish outlook on the cryptocurrency.
The decreasing supply of BTC on exchanges suggests that investors are moving their assets to secure wallets for long-term holding. As a result, the scarcity of BTC on exchanges is likely to drive up the price of the cryptocurrency in the near future.
Analysts believe that the recent drop in exchange inflows and increase in miner outflows could signal a trend reversal in the market. This shift in behavior among miners and investors could lead to a surge in Bitcoin’s price in the coming weeks.
Overall, the current data indicates a positive outlook for Bitcoin, with decreasing exchange inflows and increasing miner outflows pointing towards a potential price increase. Investors are advised to monitor the market closely for any further developments that could impact the price of BTC.
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