crypto analytics firm centimentHe noted that Bitcoin (BTC) has been leaving the exchanges for more than four months. The data announced by Santiment is generally interpreted as a bullish indicator for Bitcoin.
In a tweet shared by Santiment, 40,785 with a current value of over $1,570,000,000 Bitcoin (BTC)withdrew from stock markets last week and recorded the highest weekly exit total since mid-September.
“The continued trend of moving coins to cold wallets may be good for long-term price movements, this has often been the case in the past.”
bitcoin priceAt the time of writing, it is trading at $38,702, up about 5% last week. According to Santiment, despite the slight price recovery, sentiment among traders remains low, which is interpreted as another potential bullish indicator.
“Bitcoin climbed above $38,000 and Ethereum as high as $2,580. We have a long way to go to return to all-time highs in mid-November. However, traders seem rather suspicious. This negative sentiment is likely to fuel further price increases.”
Santiment also added that whales appear to have been accumulating the stablecoin governance token Maker (MKR) over the past year, but the firm also highlighted that major addresses have yet to make any significant moves on the asset during the most recent period of bearish price action (last month).
MKR is trading at $2,227 at the time of writing, up more than 27% last week.
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