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Bitcoin Exchanges Witness 3rd-Largest Daily Net Outflow of 2024
Summary: Bitcoin exchanges have recorded the third-largest net daily outflow of 2024, with nearly 45,000 BTC withdrawn on August 27, according to data from CryptoQuant. This significant withdrawal follows previous outflows on July 5 and July 16, which saw 52,000 and 68,500 BTC, respectively. Analysts suggest that large outflows from exchanges often indicate a bullish sentiment, ...
Bitcoin exchanges have recorded the third-largest net daily outflow of 2024, with nearly 45,000 BTC withdrawn on August 27, according to data from CryptoQuant. This significant withdrawal follows previous outflows on July 5 and July 16, which saw 52,000 and 68,500 BTC, respectively.
Analysts suggest that large outflows from exchanges often indicate a bullish sentiment, as investors may be moving their Bitcoin off exchanges to hold for the long term, potentially reducing selling pressure. This activity reflects growing confidence in Bitcoin's future prospects, despite recent volatility.
While Bitcoin has seen a 40% increase from its August low, the price has struggled to maintain momentum near $65,000. Short-term price action remains uncertain, with some traders speculating on a potential retracement to $53,000, signaling a cautious trading environment despite the optimistic outflows.
Tags: Bitcoin,BTC,CryptoQuant
Link: Bitcoin Exchanges Witness 3rd-Largest Daily Net Outflow of 2024 [Copy]
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