For Bitcoin, the week started with a steep rise and pullback, followed by the formation of a narrow channel and more moderate growth towards the end of the week.

There was a major Bitcoin outflow, with major exchanges seeing Bitcoin balances drop to a year-to-date low of 2.3 million. This suggests greater investor confidence despite market turmoil. Notable outflows were seen on Bittrex and Binance. Bittrex recorded its largest outflow since May 2023, with approximately $40 million leaving the platform. Simultaneously, Binance experienced one of its largest outflows of the year, approaching $150 million. On Tuesday, as Bitcoin crossed the $29,000 mark, around $200 million worth of Bitcoin moved from these exchanges to private wallets. The price at which BTC currently operates stands at USD 28,788 after a 7% increase in the last week, remaining above the psychological support level of USD 28,000 CryptoQuant data reveals a withdrawal of 33,000 Bitcoins (924 million dollars) from the exchanges in five days. Bitstamp reports its highest annual outflow of 5,000 Bitcoins, reaching its lowest holdings since 2013. In contrast, OKX records its highest three-year inflow of 8,000 Bitcoins, for a total of around 143,000 Bitcoins. Analysts interpret these changes as indicators that long-term holders are expressing bullish sentiment on Bitcoin, reminiscent of the November 2020 bull run. The SEC's non-opposition to Grayscale Investments' bitcoin ETF rollback suggests possible approvals for multiple Bitcoin-related ETFs, which could inject $1 trillion into the market and push Bitcoin price to $73,000.