According to the results of the trading session on March 14, more than $750 million in BTC were withdrawn from cryptocurrency exchanges. This is the highest number of Bitcoin withdrawals from exchange accounts since May 2023. Moreover, the largest share came from the Bitfinex ($524 million) and Kraken ($130 million) exchanges. IntoTheBlock writes about this.
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IntoTheBlock analysts noted that the crypto market demonstrates a classic pattern of liquidity transfer from long-term Bitcoin hodlers to the balance sheets of speculators.
At the same time, there is a significant increase in spot profit taking and demand for futures leverage.
IntoTheBlock believes that the movement of bitcoins from exchange accounts to private cryptocurrency wallets can be seen as a positive sign of investor confidence in the long-term value of BTC.
After a series of high-profile bankruptcies and hacks, crypto investors are trying not to resort to services third-party custodians and prefer to independently protect their assets.
Previously, the CEO of the US Chamber of Digital Commerce, Perianne Boring, defended Bitcoin as a means of protecting against inflation and called on legislators not to interfere with the use of the first cryptocurrency.
