Bitcoin Investors Are Accumulating
Glassnode data shows the previous week has seen more exchange outflows than inflows and Bitcoin investors are moving their BTC out of exchanges to other wallets.:
Exchanges See Billions In Bitcoin leave As BTC Maintains Above $40,000
This trend of outflows surpassing inflows usually points towards one thing and that is the fact that investors are accumulating. Market trends can have a big impact on this, especially if the price is low. However, with bitcoin touching as high as $69K last year and now only trading at $41,000, a lot of investors might see this as a good time to fill up their bags while they wait for the price to recover towards another all-time high.
Another reason for exchange outflows being so high is for safekeeping. A saying in the crypto space that is used a lot is “Not your keys, not your coins.”