Bitcoin exchange outflows, interest rate cuts, Bitcoin halving, ETF approval are among many factors that could trigger a mega bull run in 2024.
The world’s largest cryptocurrency Bitcoin (BTC) continues to show strength with the BTC price now trading 2.55% up at $38,678, and is now eyeing a move above $40,000. The bullish indicator comes as centralized exchanges witness a sizeable exodus of coins.
According to Glassnode data, investors have withdrawn over 37,000 BTC, equivalent to $1.4 billion, from exchanges since November 17, indicating a trend of investors opting for direct custody of their coins. This outflow suggests a preference for a long-term holding strategy, possibly influenced by factors such as Binance’s guilty plea.
The inclination toward holding reflects robust demand and reduced sell-side pressure, coinciding with optimism surrounding the anticipated launch of a spot exchange-traded fund (ETF) in the US. Historically, exchange outflows have correlated with local price lows, supporting expectations of a medium-term price increase.