Investors withdraw bitcoins from exchanges. Is the trend changing?
Usually, on the eve of a large-scale sale, investors dramatically increase the volume of cryptocurrency on exchanges. This is exactly the trend we observed before the so-called May collapse.
On May 17 alone, more than 40,000 bitcoins were sent to trading platforms.
The researchers highlighted that this was the largest increase in the BTC exchange balance since March last year. As a result of the cryptocurrency reset, the price of the cryptocurrency fell below $ 31,000.
After two days, the behavior of traders began to change. On May 19, about 175,000 BTC for a total amount of up to $ 7 billion were withdrawn from exchanges for cold storage.
A change in the tactics of players may be the first signal for a radical change in the trend in the market, analysts say. The outflow of cryptocurrency from trading platforms leads to the appearance of its deficit, which, accordingly, will have a positive effect on the value of BTC.
In parallel, there is an influx of stablecoins Tether (USDT) to leading crypto exchanges.
IntoTheBlock reported that up to $ 625.1 million in USDT were transferred to trading floors on May 19.
The researchers remind that the receipt of funds backed by fiat on the exchanges signals the readiness of traders to start buying cryptocurrency.
As a reminder, this week Bitcoin fell to its lowest level since January 2021, then the coin recouped a little. It is possible that investors are preparing to resume purchases at more comfortable prices.