More than 34k BTC Moved Off Crypto Exchanges in a Single Day
Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today.
Bitcoin is performing poorer than expected, there is no bullish run that is accompanying the cryptocurrency at the moment, and all the investors are plain dull and are not heeding any more investments into the cryptocurrency.
The asset is in decline, trading at above $19K, which is not enough given the present strain that the market has had over the performance as well as the authority of Bitcoin among institutional investors.
But despite all that, something interesting is happening, and it is the movement of almost 37K+ Bitcoin tokens from the crypto exchanges out there.
One would presume this kind of action to be a bit redundant and not at all in favour of the crypto market or the flagship cryptocurrency, Bitcoin. But you would be amazed to know that this kind of trade has taken place more times before than you care to give credit for.
In the June of this year, the same transition took place where tons of Bitcoin tokens were forced to move out of crypto exchanges for good and were transferred to anonymous addresses. This would mean that the price of the asset was going to get even worse, but something completely opposite took place in its stead.
Bitcoin’s Bullish Run
As soon as the coins left the exchanges, the institutional investors were back in the Bitcoin boat, and they were investing their hearts out into the cryptocurrency. This was when they knew that the price of the asset was not what it once used to be, but nonetheless, they continued to make their move in the direction of heartful investment into the asset.
As a result, the price of Bitcoin improved by a factor of almost 22%, which is a considerable number as compared to the dull performance of the Bitcoin that it was giving out in the past few months before June.
The Q4 of the flagship cryptocurrency is going splendidly at the moment as more and more investors are piling up to literally have their hands on the flagship asset. This could mean that the price of the asset is going to improve in the future, or so it seems.
Deep Into Blockchain is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.