#Bitcoin witnesses a massive spike in exchange net outflows as the recent price rebound bolsters bullish investor sentiments.
Market participants are increasingly pulling their Bitcoin (BTC) tokens out of exchanges as bullish sentiments dominate the scene. This turn of events comes on the back of the recent price rebound, which has seen BTC recover $96,000.
For context, after hitting an all-time peak of $99,800 on Nov. 22, Bitcoin faced a massive pullback. As a result, the firstborn crypto asset retested the $90,000 support four days later. Notably, The Crypto Basic confirmed that this retracement was due to profit-taking trades from long-term holders.
Investors Pulling More Bitcoin from Exchanges
However, Bitcoin appears to be mounting a recovery campaign, coinciding with a large spike in exchange outflows. Data from IntoTheBlock shows that Bitcoin’s aggregated exchange net outflows hit a high of 1,270 BTC yesterday.
Interestingly, this figure marked a massive 270% increase from the net outflows of 342.33 BTC recorded the previous day. The latest trend of net outflows follows a period of net inflows from Nov. 24 to 26, during which 3,147 more BTC tokens flowed into exchanges as prices dropped.
For the uninitiated, the recent shift to negative flows suggest that investor sentiment in Bitcoin is now improving, as more market participants take out their tokens from exchanges to possibly HODL them. This trend often reduces selling pressure, contributing positively to price action.
