This chart shows the Bitcoin exchange netflow on spot exchanges, with a significant highlight on the outflow of over 46,000 BTC on 5 of July.

This spike in outflows, marked clearly on the chart, suggests a substantial movement of Bitcoin off exchanges, which can often be interpreted as a bullish signal by investors.

The belief here is that large holders are moving their Bitcoin to wallets, potentially indicating anticipation of higher prices or a desire to hold long-term rather than sell.

Written by 우민규 Woominkyu