A staggering $1.57 billion has been withdrawn from cryptocurrency exchanges, with BTC trading at $69,443 after a 0.53% increase in the last day.
Reports from technical expert Ali Martinez suggest that over the past week, 22,647 Bitcoin have been withdrawn from various exchanges, indicating a significant outflow. This movement away from centralized exchanges could be seen as a positive trend.
Despite a recent drop in Bitcoin’s value following a rise above $70,000, investors remain optimistic. The sudden decline coincided with news of US employment statistics and a decrease in GameStop’s share price, impacting the cryptocurrency market sentiment.
While the price of Bitcoin is currently experiencing a pullback, it continues to outperform other digital currencies. Investment asset management firms, such as BlackRock, have been increasing their Bitcoin holdings. However, the destination of the Bitcoin leaving centralized exchanges remains uncertain.
In other news, Fidelity Investments has secured revenue-sharing deals with ETF managers, indicating further institutional interest in the cryptocurrency market.