During the past week, a total of 22,647 Bitcoin was withdrawn from various cryptocurrency exchanges, according to technical expert Ali Martinez. If this figure is accurate, a staggering $1.57 billion has exited these platforms. This trend suggests that these digital assets are shifting away from centralized exchanges.
As Bitcoin’s value rose by 0.53% in the last day, it was trading at $69,443 at the time of writing. This news comes amidst reports of a significant outflow of Bitcoin from exchanges, indicating a possible exodus of sellers from the market.
Investors had high hopes when Bitcoin surpassed $70,000 recently, but a sudden drop occurred following the release of US employment data. The decline in Bitcoin’s price is believed to be linked to the decrease in GameStop’s shares, which has dampened enthusiasm in the cryptocurrency market.
Despite the pullback in Bitcoin’s price, it continues to outperform other digital currencies. Investment asset management firms are increasing their Bitcoin holdings, while the destination of the Bitcoin leaving centralized exchanges remains unclear. Notably, BlackRock has significantly boosted its Bitcoin holdings since the introduction of spot Bitcoin ETFs.
In other news, Fidelity Investments has secured revenue-sharing deals with ETF managers.
