More Than 1 Billion US Dollars Bitcoin Out Of Exchange In Just A Week

Illustration. (Photo: Freepic)

JAKARTA - In recent days, Bitcoin has again attracted the attention of investors after the massive outflow from the centralized crypto exchange. Based on on-chain data, more than $1 billion Bitcoin has left the exchange within a week, signaling potential asset accumulation by investors.

This phenomenon has attracted the attention of many parties, especially as it occurs amid bearish expectations at the price of Bitcoin in September. However, according to Tech Report, the highest price of Bitcoin is expected to reach up to US$100,000 by the end of this year.

Based on the information we got from Tradingview, in the last 24 hours the price of BTC has decreased by 5 percent and bearish sentiment still controls the market. This makes traders who are taking long positions quite alert and beautiful carefully. Moreover, the capitalization of the crypto market is still experiencing a decline.

Binance experienced an outflow of more than 3.7 billion US dollars in Bitcoin and Ethereum over the past 30 days. This indicates that large or institutional investors are starting to attract their Bitcoins from exchanges to be stored in private wallets, showing a significant accumulation trend.

In general, when investors move their crypto assets from exchanges to private wallets, this is often defined as a sign of bullish optimism or expectations of the asset price. Investors who accumulate Bitcoin usually choose to keep them for a longer period of time, rather than selling them in the near future.

In this case, despite concerns over a bearish trend for the price of Bitcoin in September, this massive outflow shows that some investors still believe in Bitcoin's long-term potential.

Although Bitcoin started in September with a bearish trend, the latest data shows that the price of Bitcoin is starting to recover. In the last 24 hours, the price of Bitcoin has risen by 2.1 percent, with BTC trading at a price of around 58,900 US dollars and market capitalization reaching 1.16 trillion US dollars. Bitcoin's daily trading volume currently ranges from 25 billion US dollars.

History shows that September has often been a difficult month for Bitcoin. However, data from IntoTheblock shows that October usually provides better benefits. Over the past 11 years, Bitcoin has seen a significant increase in October, and many analysts hope this trend continues in 2024.

The accumulation carried out by several large investors also reinforces the notion that they are preparing for higher price movements in the coming months. Although the bearish trend in September often haunts the market, the data shows that market participants still have confidence in Bitcoin's long-term potential.

With Bitcoin's significant outflow from crypto exchanges, investors may see this as an opportunity to buy or accumulate more Bitcoins. While September has often been a difficult month for crypto assets, history shows that October could be a more profitable month for Bitcoin investors.

As reported by CNBC Indonesia, many crypto investors made a profit because in October last year almost all cryptocurrencies experienced a significant increase.

However, keep in mind that the crypto market remains volatile, and investors must always be careful in making investment decisions. Given the large outflow trend and accumulation activity by large investors, it is possible that the price of Bitcoin will increase in the coming months.