LIVEBitcoin ($BTC ) is experiencing a mass exodus from exchanges, signaling a potential accumulation period.
This surge in withdrawals, reported to be the highest since January 2023, has raised concerns among investors. According to CryptoQuant, a platform for on-chain analysis, these withdrawals may be connected to preparations for the upcoming Bitcoin halving, typically associated with higher holdings in anticipation of price increases. Concurrently, leveraged trading activity has decreased, suggesting a positive market sentiment.
Bitcoin's entry into the support zone of the Short-Term Holder Spent Output Profit Ratio (STH SOPR) further indicates a potential buying opportunity, historically preceding price rises.
Despite a minimal 0.49% increase in trading value, Bitcoin's market cap grew by 0.47% to $1.2 trillion, while trading volume decreased by 19% to $36.7 billion, underscoring the nuanced nature of current market conditions.
