LIVE💥$Over the past week Bitcoin was trading around $51,500 and price movement has been relatively stable.
On-chain data reveals that this sideways trend does not diminish the optimism among investors.
The number of Bitcoin whales, or entities holding more than 1,000 BTC, has experienced a 7.4% increase since the beginning of February.
An on-chain analytics platform "IntoTheBlock", has reported a significant event last week: over $540 million worth of Bitcoin was removed from CEX exchange.
This marked the highest net outflow in eight months, indicating that major investors are transferring their Bitcoin to private storage.
Actions like this often signifies that they are preparing for a significant price swing in the future and substantial volume of net Bitcoin outflows from exchanges, support bullish sentiment.
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