Famous crypto analytics firm centiment, 40,785 worth approximately $1.56 billion in the past week BTCannounced that it is withdrawing from the stock markets.
on the other hand bitcoin, climbed to the highest level of $ 39,100 today, but as of the moment, it has regressed to $ 38,200 by experiencing a downward movement.
đź‘Ť 40,785 $BTC were moved away from exchanges in the past week. This was the highest week of #Bitcoin exchange outflow since the 2nd week of September. The continued trend of coins moving to cold wallets is historically good for long-term price movements. https://t.co/NsVJGWZkIK pic.twitter.com/Pg37mqfFVr
— Santiment (@santimentfeed) January 31, 2022
On the other hand, Santiment evaluated the said loaded BTC transfer as the highest Bitcoin exchange exit since the 2nd week of September, and
The continued trend of coins moving to cold wallets is historically good for long-term price movements.
commented.
The reason for this interpretation of the famous analysis company is that large investors usually withdraw from exchanges when they want to hold cryptocurrencies for a long time. This means a bullish signal for Bitcoin investors.
Is Market Sentiment Getting Better?
The “Fear and Greed Index” shows market sentiment a score of 26 out of 100 at the time of publication. This indicates a slight improvement, with the transition from yesterday’s “extreme fear” to the “fear” state.
According to CoinMarketCap data, BTC has gained 2.70% in the last 24 hours. The fact that Bitcoin has produced positive returns on the first day of the new month may provide some relief to investors.