Bitcoin price has been flirting with the $ 10,000 level for days and almost weeks. Especially the acceleration caught before Bitcoin Halving was seen to experience a serious decline after Halving, which resulted in users pulling their BTC on crypto exchanges.
What Causes Traders to Withdraw Bitcoin?
Liesl Eichhols, the growth strategist of Blockchain research firm Glassnode, said in a statement and published weekly report that the overall situation of BTC is stable, but investors are constantly attracting BTC.
According to the data of Glassnode, users continue to draw BTC in masses. Significant reductions in the amount of Bitcoin in exchanges have been seen since March 12, and experts consider this to be the biggest and longest downtrend in the stock exchanges’ BTC balance.
In fact, this situation may have emerged from a positive thought contrary to the first thought. Investors may be drawing this in their wallets, which they will not trade for a long time, thinking that the price will rise in the long term before and after Bitcoin Halving. This shows that the more BTC withdraws from exchanges, the more believers in Bitcoin’s long-term rise. In addition, there is an increase in the number of addresses with small amounts of BTC. It is clear that this has to do with BTC amounts drawn directly from exchanges.