Is the bull signal ringing? Bitcoin spot exchange outflow reaches a new high this year

Judging from exchange data, crypto investors seem to have changed their views on Bitcoin. At present, the stock of Bitcoin in spot exchange wallets has decreased, and the amount of external withdrawals has reached the highest level in a year. Data on the chain shows that Bitcoin investors have stopped depositing their assets in cryptocurrency exchanges and have begun to withdraw large amounts of cash.

In addition, the data shows that most of the withdrawals come from retail investors, but whales and institutions are also hoarding Bitcoin recently. CryptoQuant’s data highlights recent trends in Bitcoin investors’ withdrawals and deposits on cryptocurrency exchanges. There is another point to look forward to is that their behavior has a lot to do with price movements. Generally speaking, holders will send their tokens from their personal wallets to the trading venue when they plan to sell, and transfer them back to their personal wallets when they plan to hold and wait for the appreciation.


Therefore, after the phobia caused by Elon Musk and China’s strengthened supervision, the amount of Bitcoin deposited on the exchange skyrocketed to a new high in mid-May. At that time, the price of Bitcoin had begun to pull back, but it fell by another $20,000 to around $30,000.

As the market noise settles, most investors are choosing to dump the few bitcoins left in their wallets, but recently they seem to have completely changed their minds, as shown in the figure below.


At the same time, the number of bitcoins retrieved from exchanges has surged, indicating that investors may now prefer to hold their tokens, so that the possibility of panic selling like the one that happened in May has been greatly reduced.

Interestingly, CryptoQuant analysts also asserted that “most of the outflows of bitcoin (5800) come from Gate_io”, which means that most of the current hoarding willingness comes from self-retail investors, because their scale is relatively small (the wallet is often There are only less than 1 BTC).

In addition to small investors buying and withdrawing bitcoin from exchanges, other recent reports indicate that bitcoin whales are also starting to do the same. After a brief pause or even a sell-off in June, by the beginning of July, the whales holding wallets of 100 to 10,000 bitcoins had accumulated about 60,000 coins in just one day. At present, their total amount of coins has increased to more than 9 million BTC.


The demand for Canada’s first Bitcoin ETF also urged Purpose Investments, the company behind it, to once again purchase a significant proportion of its assets. “Beijing” previously reported that its holdings have increased by 30% within a few weeks, and the Purpose BTC ETF has approximately 22,500 coins.

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