Bitcoin (BTC), which is currently trading above $43,000 at press time, has seen more than 15,000 BTC in withdrawals from exchanges this week as it rises above $42,000 and beyond. According to statistics from crypto experts IntoTheBlock, this is the highest outflow from exchanges since January 29th.
This is a good indicator for Bitcoin’s price, because assets removed from exchanges and likely moved to cold storage are less likely to be sold in the short to medium term. When BTC saw a massive outflow in the past, it was followed by a significant price increase.
In 2022, the largest quantity of ether was removed from exchanges.
read more: Source cryptoslate.com