- 4.85M BTC has flounced out of exchanges since 2020, a veritable exodus of the digital kind.
- Is this the grand exodus preceding a majestic bull run? One can only gawk and speculate.
In the grand tapestry of Bitcoin‘s [BTC] rather tempestuous dance between the $91k-$105k range, a curious trend has emerged. A trend not unlike a fox’s cunning escape from the henhouse.
According to Joao Wedson, the dapper founder of crypto analytics firm Alphractal, an astonishing nearly 5M BTC has bid adieu to exchanges since 2020. A mass exodus, if you will, of the digital kind. He opined,
“4.85M BTC have left Exchanges since February 2020! The Exchange Flux Balance is a veritable tango of numbers. Since 2020, the cryptocurrency has become the belle of the ball—everyone wants a dance with Bitcoin at all costs.”
Now, one must ponder: will this grand exodus lead to a supply squeeze that propels BTC’s price to the stars? A most tantalizing prospect indeed.
IntoTheBlock, ever the keen observer, has noted that exchange flows have been rather negative for the past seven trading days. A trend that would make even the most jaded investor sit up and take notice.
“Bitcoin exchange flows have been as negative as a curmudgeon’s view on modern art since the 21st of Jan, hinting at a rather enthusiastic accumulation.”
In the midst of this grand exodus, the cryptocurrency took a rather dramatic dive of over 7%, swooning from $109k to $97k, before mustering the strength to reclaim the vaunted $100k mark at press time. A veritable rollercoaster of emotions, wouldn’t you say?
And if that weren’t enough, the Binance exchange saw a similar drop in selling pressure. CryptoQuant, with its eagle eye, noted that the taker sell volume plummeted like a lead balloon over the past week. A sign that short-sellers are quaking in their boots.
“As the sellers cower in fear, the buyers may soon charge in, potentially leading to a rather delightful upward wave.”
putting it all together, one might conclude that an explosive rally is lurking just around the corner. Perhaps the upcoming Fed rate decision will be the spark that ignites this powder keg.
But wait, dear reader, for there’s a fly in the ointment. The co-founder of BitMEX, Arthur Hayes, has a rather contrary view. He predicts a dramatic 30% nosedive to $70k-$75k in the near term, followed by a rally to $250k by year’s end. A most thrilling ride, indeed.
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2025-01-29 11:06