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25 June 2024
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Bitcoin

Crypto Exchanges Witness $1,570,000,000 in Bitcoin (BTC) Outflows in Just One Week, According to Analyst

Bitcoin (BTC) has been flying off exchanges as the digital asset market tracks sideways, according to a popular crypto analyst.

The trader Ali Martinez tells his 63,700 followers on the social media platform X that approximately 22,647 BTC worth more than $1.57 billion were withdrawn from crypto exchanges in a recent seven-day period.

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Source: Ali Martinez/X

Martinez also notes that the number of daily Bitcoin addresses recently broke a downtrend that started on March 5th.

“In [24 hours], 765,480 BTC addresses were active. This surge in network activity is a positive sign that the BTC bull run will continue.”

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Source: Ali Martinez/X

The analyst says that Bitcoin is “anchored in a strong support zone” between $69,380 and $67,350. In that price range, 1.97 million addresses bought 964,000 BTC.

Explains Martinez,

“Holding this level is crucial for BTC to sustain its upward momentum.”

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Source: Ali Martinez/X

The trader also examines Bitcoin’s cumulative value-days destroyed (CVDD). The coin days destroyed metric looks at the value of each Bitcoin transaction while giving weight to the number of days since the coins were last moved. The CVDD tracks the cumulative sum of the coin days destroyed metric as a ratio to the market age and is used to spot potential market tops and bottoms.

Martinez says the CVDD indicates the next potential local top for Bitcoin could be around $89,200.

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Source: Ali Martinez/X

BTC is trading at $68,058 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Crypto Exchanges Witness $1,570,000,000 in Bitcoin (BTC) Outflows in Just One Week, According to Analyst appeared first on The Daily Hodl.

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