Taken a record amount of BTC from exchanges

Taken a record amount of BTC from exchanges

By Roberto D. | CryptoFarm | 13 Jul 2020


On July 8, an annual record was broken for the number of Bitcoins (BTC) removed from the exchanges: Coinbase at the top of the ranking of prelievicon with a net outflow of well 20,787 BTC: more than all exchanges overall.


What does this mean, a bullish signal?

On July 8, 20,660 more BTCs were withdrawn from the exchanges than they were deposited. This is the largest outflow ever recorded in 2020, usually this kind of thing precedes a bullish phase: if traders remove their cryptocurrencies from exchanges, it means that they do not plan to sell them. Logic has it that if it is not on an exchange, it is on a wallet that does not allow the sale.


Bitcoin exodus from Coinbase

Coinbase posted a net outflow of 20,787 BTC, more than all exchanges overall. Excluding Coinbase, the flow of BTC on the trading platforms was in fact slightly positive.

Paradoxically, Coinbase has registered about a thousand more deposits than withdrawals. That is, it means that the average withdrawal amount was far greater than the average deposit amount. It is therefore possible that one or more of Coinbase's customers have withdrawn large quantities of BTC.


Am I going to get rich with my $ 10 in BTC?

Probably not. However, as explained a little while ago, when very large quantities (in this case the largest quantity of 2020) are moved by the exchanges it implies that they are in wallets and that therefore it is planned to keep them for an average long period of time. In short, if you have to sell your BTC the suggestion is to wait because there will probably be an increase for Bitcoin which could make the day better for many.


I remind those who want a bit of Bitcoin without investing that there are two sites (there are many more but only two have my trust) that allow you to earn Bitcoin for free: 


And what do you think of it? Is Bitcoin about to go up to the moon or go down to an abyss? Let me know yours in the comments. Thanks a lot and see you soon.

 

 


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Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015 Telegram channel: https://t.me/dumbwaystoearn


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