130,000 Bitcoins Withdrawn from Exchanges This Year

130,000 Bitcoins Withdrawn from Exchanges This Year

Since January 11, nearly $10 billion worth of Bitcoins have been withdrawn from exchange wallets.

According to Glassnode, in 2024, traders transferred over 136,000 BTC to offline storage.

Bitcoin’s volatility declined towards the end of March. After dipping below $61,000, the cryptocurrency has been consolidating. While it approached $70,000, it hasn’t yet managed to overcome the pressure at this level.

Analysts view the reduction in cryptocurrency volume on exchanges as a bullish sign. Additionally, spot ETFs investing in BTC entered the American market in the first quarter.

Glassnode suggests that the outflow of digital currency from exchange wallets stems from institutional capital flowing into BTC. These funds acquire coins and move them to cold storage for safekeeping.