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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Exchange Outflows Soar To Yearly High – Could This Fuel A Return To $70,000?

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Bitcoin

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The recent slide in price of Bitcoin below the $60,000 threshold, followed by a subsequent drop below $50,000, might finally be showing signs of reversal, as suggested by the latest buying trends. These trends indicate a strong accumulation phase among large-scale investors, commonly known as whales, who have been capitalizing on the price dip to bolster their crypto holdings.

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As such, Bitcoin addresses have collectively withdrawn over $1.7 billion worth of Bitcoin from various exchanges, marking the largest weekly outflow in more than a year. 

Accumulation Trend Amongst Bitcoin Holders

According to on-chain data from IntoTheBlock, Bitcoin addresses have been steadily accumulating the coin in the past week. This data is highlighted through the analytic platform’s netflow data, which is crucial in forecasting an upcoming price uptick or downtrend for cryptocurrencies. The data highlights a significant shift, showing that outflows from exchanges have substantially outpaced inflows, with a staggering $1.7 billion more worth of BTC being withdrawn from exchanges than deposited.

BTC recorded a whopping $1.7B net outflows from exchanges in the past week, the largest amount in over one year.

This points to large whales accumulating through the recent downturn pic.twitter.com/m4INbZmKmB

— IntoTheBlock (@intotheblock) August 9, 2024

Such outflow is typically interpreted as a sign that investors are choosing to hold onto their Bitcoin for the long term, which in turn reduces the amount of BTC available for sale on exchanges. 

What Does This Mean For Price?

Recent dynamics in the wider world of investments and increased volatility saw Bitcoin falling below $50,000 again last week. Interestingly, this drastic price drop marked the first time Bitcoin traded below $50,000 in six months. However, be that as it may, the price decline gave many crypto believers a chance to accumulate more BTC at a six-month low. This created buying pressure among some traders, which in turn helped to prop up the price of BTC and helped to prevent further declines.

Bitcoin is now trading at $61,228. Chart: TradingView

A reduction in Bitcoin available on exchanges can have significant implications for the market. With fewer coins available for sale, buying pressure may increase, potentially driving up prices as demand remains steady or grows. At the time of writing, Bitcoin is trading at $60,989, having established support at $60,000. 

Considering the prevailing bullish sentiment, this buying pressure may as well be the momentum that pushes the Bitcoin price to the challenging $70,000 price level. However, the journey to $70,000 presents four different resistance levels at $63,730, $65,510, $67,350, and $69,150. 

The buying pressure continues to linger on according to the total flow to and from exchanges. The total flow data shows a negative 61.9% and 12.27% in the past 24 hours and seven-day timeframes, respectively. 

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However, Bitcoin is not out of the woods yet, as the exchange on-chain market depth shows there are still more sellers than buyers. At the time of writing, sellers have placed sell orders of 31,458 BTC at an average price of $61,267 on various crypto exchanges. Meanwhile, buyers have placed buy orders for only 27,734 BTC at an average price of $61,263. 

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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