As a seasoned researcher with a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull and bear runs. The recent events in September have been particularly intriguing, with Bitcoin’s volatile dance between $50,000 and $60,000. The massive net outflow of $750 million on September 10 is a significant development that I find reminiscent of the classic game of musical chairs – only in this case, the music never stops, and there are always more chairs.
So far in September, Bitcoin has shown significant price fluctuations, with daily changes ranging from gains to losses, even reaching an all-time high of over $58,000 just yesterday.
It’s possible that Bitcoin (BTC) is about to experience another rise, considering the significant withdrawals from exchanges, which have just reached a high point over several months.
$750M in Withdrawals
Data from IntoTheBlock indicates that the 10th of September saw the highest Bitcoin withdrawals from trading platforms since May, reaching a four-month high in this category. This decrease in Bitcoin held on exchanges lessens the immediate selling pressure for the asset, which is generally considered a positive sign for its market trend.
It’s worth noting that when a similar amount of Bitcoin supply was removed from trading platforms back in late May, it triggered a rapid increase in the asset’s value. In just a few days, the price jumped from around $68,000 to $72,000.
Instead, let me rephrase that for you: In contrast, the significant increases in late July resulted in a sharp drop in price, causing Bitcoin (BTC) to fall from around $68,000 to below $64,000. Furthermore, BTC’s price continued to plummet early in August, reaching a low not seen for several months at less than $50,000.
In light of these recent withdrawals, it seems we might be in store for additional price increases soon. Bitcoin’s price has bounced back from its post-CPI dip to around $55,500 and is currently hovering above $58,000, with excitement building for the upcoming FOMC meeting in the U.S. next week.
Yesterday marked the biggest daily withdrawal of Bitcoin from exchanges since May, totaling approximately $750 million in outflows.
This signals significant accumulation by $BTC holders
— IntoTheBlock (@intotheblock) September 11, 2024
From my perspective as a researcher, beyond the ongoing depletion of exchange reserves, the escalating readiness of stablecoins for transactions might fuel a significant price increase in Bitcoin or even some alternative cryptocurrencies.
ETF Landscape
On September 10th, investors withdrew approximately $750 million in bitcoin from exchanges, yet that same day, there were a total of $117 million in deposits into spot Bitcoin ETFs. This was the largest single-day deposit since August 26th.
On September 11, there was a shift once more in trends, as investors collectively withdrew approximately $43.9 million from these financial instruments. Ark Invest’s ARKB experienced the most significant impact with withdrawals totaling $54 million, while Fidelity’s FBTC saw an inflow of $12.6 million.
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2024-09-12 14:02