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Decreasing Bitcoin Supply on Exchanges Signals Bullish Momentum Rising

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            <h2>Innovative Features</h2>

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                <li>Whales shift assets leading to reduced Bitcoin supply on exchanges.</li>




                <li>Binance and Coinbase witness Bitcoin outflows of 7,155 and 16,075 BTC respectively.</li>




                <li>Institutional investors are likely behind most movements.</li>
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Recent bullish pressure has caused a decline in Bitcoin (BTC) supply on centralized exchanges (CEX). Statistics from Glassnode indicate that Bitcoin supply on exchanges has hit new lows at 1,728,782 BTC, reflecting positive market sentiments.

Within 24 hours, there was a net outflow of 23,654 BTC, with weekly outflows totaling 19,859 BTC. This reduction in Bitcoin supply correlates with the surge in bullish sentiment around the cryptocurrency. Monthly outflows were notably lower at 9,509 BTC. 

Currently, Bitcoin is being traded at $65,410 after noteworthy recovery attempts and market fluctuations throughout the week. The cryptocurrency’s price has climbed from slightly over $60,000 in the previous week.

Whales’ Asset Transfer

Asset migration away from crypto exchanges tends to indicate a bullish market as it signifies long-term hodling. This transfer of assets to other custodial solutions contrasts with bearish trends, where assets are readily available for sale on exchanges.

This pattern resembles the movement of mining reserves before the Bitcoin halving, as miners prepare for a reduction in mining rewards. Recent data shows Binance saw outflows amounting to 7,155 BTC, while Coinbase Pro registered a substantial 16,075 BTC, attributed to institutional buying. 

A report from Bybit suggested that Bitcoin supply on exchanges could run dry within nine months. Factors such as the Bitcoin halving and inflows into spot Bitcoin ETFs were cited as reasons for this projected shortage. 

Sustained Market Optimism Reduces Bitcoin Supply 

The prevailing positive sentiment in the crypto market has led to increased accumulation and long-term investment strategies. As a result, Bitcoin held on exchanges has dwindled over the past few days. Positive Consumer Price Index (CPI) data and new disclosures of institutional spot ETF investments have further reinforced this trend. 

Traditional financial institutions unveiling their participation in spot Bitcoin ETFs this week have also spurred fresh price increases in the market. 

Discover More: Ripple CLO Commends Senate Decision to Overturn SEC’s Anti-Crypto Regulation 

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