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Bitcoin Drying Up On Exchanges, 22,647 BTC Removed In 7 Days

Bitcoin is leaving exchanges at a fast pace as market analyst Ali Martinez unveiled over $1.5 billion that left exchanges in the past week
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Bitcoin Drying Up On Exchanges, 22,647 BTC Removed In 7 Days

Highlights

  • Bitcoin liquidity is draining fast on centralized exchanges
  • More than 22,000 units of the digital currency has left exchanges
  • The price of the coin is however in a bearish mode amid bullish fundamentals

Several cryptocurrency exchanges have experienced significant efflux of Bitcoin (BTC) from their platforms in the last few weeks, a move that suggests sellers may be going out of market.

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Bitcoin Price Returns to Under $70K

According to technical analyst Ali Martinez, approximately 22,647 Bitcoin were withdrawn across crypto exchanges in the past week. By this figure, a total of $1.57 billion has exited these digital asset trading platforms. These coins are probably leaving the centralized exchanges for storage in other platforms in what might be considered a bullish move.

This new development comes on the wheel of a significant dip in the price of the flagship cryptocurrency. At press time, Bitcoin was trading at $69,326.16 after a 2.35% drop in value within the last 24 hours. The coin recently soared above $70,000, causing excitement amongst investors and crypto enthusiasts. However, it suddenly began a bearish slump on Friday after the release of US jobs data.

Per the data, the United States added 272,000 jobs in May, more than the market expectations, while the unemployment rate soared to 4%.

The coin’s price dip is also suspected to be a function of a decrease in GameStop’s share price, which has had a negative impact on the sentiment in the cryptocurrency market. Bitcoin Dominance metric, an indicator of the percentage of the total cryptocurrency market capitalization that belongs to BTC is looking good. This shows that while Bitcoin price is down and going through a retracement, the coin is still relatively performing better than other digital currencies.

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Is Bitcoin Headed Towards a Bear or Bull Season?

The metrics “Crypto Fear & Greed Index” usually shows the market sentiment of digital assets.

This metrics has decreased by 1.28% to about 77 and this suggests that the market sentiment is still in the ‘Greed’ territory. It is worth noting that extreme greed is usually the last phase of a bull market and it appears that BTC is presently on track to hit this level.

It is not yet clear where the Bitcoin leaving centralized exchanges are headed but the increase in the Bitcoin holdings of investment asset management firms are worth acknowledging. Since the launch of spot Bitcoin ETFs, BlackRock has seen a huge rise in the volume of Bitcoin that it holds.

In just five months of trading, BlackRock’s IBIT has recorded over 300,000 BTC in Assets Under Management (AUM).

Read More: Binance Hits 200 Million Global Users, Sights 1 Billion Target

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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