At a time when the crypto sector is in a meltdown Bitcoin (BTC) worth $2.2 Billion has exited the major crypto exchanges. As per data obtained from On-chain analytics site Glassnode a massive outflow of 108,200 BTC has occurred during the course of last week. This brings into the fore the question that are the BC Bulls back in action?
Bitcoin Bulls Dig In Their Heels
The crypto sector is in a state of flux and an air of uncertainty is hanging on the markets. There have been wild fluctuations in the prices of major crypto currencies and trading swung wildly from green to red and back. However what have attracted the attention of crypto experts is the massive withdrawals of the largest digital currency from their wallets.
Crypto Trading expert Martinez on June 21 tweeted Glassnode chart and data and said that Over 108,200 Bitcoin (BTC) have left prominent crypto exchange wallets since June 14
The trend to buy BTC rather than selling it is getting stronger among the traders. Alternatively it is also possible that traders are parking their BTC somewhere else. If this pattern continues for some days it will usher in a period of bullish trend in the near future.
The market sentiments often affect the inflows and outflows. A surge in inflows points to increased selling pressure, while a surge in outflows suggests increased buying pressure.