Finally, Bullish Cries with Big Players in Bitcoin: The Second Biggest Exit in History!
According to the latest data, the large amount of 35,486 BTC leaving BitMEX is considered a strategic move indicating that the Bitcoin price may increase in the future.
A writer for on-chain data and analysis platform CryptoQuant said in a post that historically the “Exchange Netflow” indicator on BitMEX has shown a strong correlation with Bitcoin price movements.
It is stated that if the indicator in question is extremely negative, it indicates large Bitcoin outflows and usually causes an increase in Bitcoin price. According to the post, recently, there was a net flow of -35,486 BTC. In this case, it showed the second largest Bitcoin outflow in BitMEX's history.
The analyst also made the following statements:
Large BTC outflows from BitMEX indicate that large investors are withdrawing their holdings for storage or strategic sales on other platforms. This move stabilizes or potentially increases Bitcoin's price by reducing sudden selling pressure on the stock market.
These large outflows of Bitcoin, often seen as a sign of accumulation, mean that large investors are expecting a rise in price.
The analyst also said that such events, which have historically occurred on BitMEX, are a signal that foretells a price increase in Bitcoin.
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