Bitcoin must break this level to resume bull market as $2.4B in BTC leaves exchanges
The post Bitcoin must break this level to resume bull market as $2.4B in BTC leaves exchanges appeared on BitcoinEthereumNews.com.
Over 27,740 Bitcoin (BTC) worth $2.4 billion were withdrawn from exchanges on March 25, the highest daily outflow since July 31, 2024. Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue their inflow streak, suggesting that institutional demand is making a comeback. Is the Bitcoin bull run about to resume? Bitcoin exchange outflows hit 7-month high Bitcoin is making another attempt at a technical breakout above $90,000 as supply on exchanges continues to decrease. Bitcoin: Net flow to exchanges. Source: Glassnode A closer look at the data reveals that a considerable chunk of these withdrawals was made by whales, or entities holding at least 1,000 BTC, who withdrew more than 11,574 BTC worth about $1 billion from exchanges on March 25. Bitcoin whale withdrawal from exchanges. Source: Glassnode High Bitcoin outflows from exchanges and whale withdrawals, in particular, reduce sell pressure, often signaling accumulation and bullish sentiment, which can drive prices up. Related: Bitcoin, Ethereum to end Q1 in the red, ‘vertical swing up’ unlikely Additionally, blockchain analytics firm Arkham Intelligence noted that a “billionaire Bitcoin whale” added 2,400 BTC worth over $200 million on March 24. Despite some selling in February, the whale now holds over 15,000 BTC. The whale started acquiring Bitcoin five days ago after selling when Bitcoin’s price was between $100,000 and $86,000 in February. This may suggest that such large investors saw the recent lows as a buying opportunity in anticipation of higher prices. Spot Bitcoin ETF flows take a “positive turn” Another sign of major investors buying BTC again is the continuation of capital flows into spot Bitcoin exchange-traded funds (ETFs) since March 14. Spot Bitcoin ETFs have seen inflows for eight straight days, totaling $896.6 million. “ETF’s have taken a positive turn since March 14th, and so has $BTC and altcoins,” said market data provider…
Filed under: News - @ March 26, 2025 9:30 pm