Bitcoin has enjoyed some uptrend over the past day as the crypto once again visits the $44k price level. On-chain data suggests that an uptick in exchange outflows may be behind the move.
Bitcoin Exchange Outflows Observe A Spike In The Past Couple Of Days
As pointed out by an analyst in a CryptoQuant post, the BTC exchange outflows have showed raised values recently.
The “all exchanges outflow” is an indicator that measures the total amount of Bitcoin exiting wallets of all exchanges.
When the value of the metric goes up, it means more BTC is currently exiting exchanges. Such a trend has usually been bullish as holders usually withdraw their coins to personal wallets for hodling purposes. Prolonged large outflows can be a sign