DivXMaN
Bitcoin continues to fly off exchanges
As we are all aware since November 2021, Bitcoin has been in what many consider a bear cycle within the larger bull cycle. The key about this consolidation that makes it differ from prior 'bear markets' is quite simple. Previously during bear markets we saw exchanges get flooded with Bitcoin. This time however.. things are very different. Exhibit A - In the first screenshot you can see that this week alone we have seen 12,000 BTC ($468 Million at $39,000 per/btc) exit exchanges. Exhibit B - In the second screenshot we have zoomed out and are looking from the Nov 2021 price top until today and we see that roughly 210,000 BTC have exited exchanges for a staggering value of $8.19 Billion (once again at $39,000 per/btc) The correlation here is simple. Accumulation is ongoing and is heavy. Supply is diminishing. This is the opposite of what we've seen in actual bear markets. In my eyes, it's a signal that says when demand rises the price can only go up.