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$2.25B Bitcoin (BTC) Flows from Exchanges Could Boost Its Return to All-Time High
Bitcoin (BTC) has seen a 5% decline over the past week. At the time of writing, the leading cryptocurrency is trading at $96,905, below the key $100,000 price level.
Interestingly, the recent decline has not triggered a wave of selling. This suggests that bullish sentiment remains strong, and market participants are expecting the coin to rise back above $100,000$ in the near term.
Bitcoin Sees Lower Selling
According to CryptoQuant data, net outflows from cryptocurrency exchanges over the past week have surpassed $2.5 billion. Net outflows from exchanges track the amount of coins or tokens that have been withdrawn from exchange wallets.
When outflows of an asset from an exchange increase, it indicates a shift towards holding the asset in private portfolios rather than trading or selling. This often indicates bullish sentiment, as investors may expect prices to rise.