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Bitcoin

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Bitcoin (BTC) has been on everyone's radar over the past week as its price is trading in a very <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">close range</a> of $29,245 and $30,030 in the past week. The premier asset has been relatively stagnant since the potential approval of Ark Invest's spot Bitcoin ETF product was <a href="https://u.today/sec-extends-deadline-for-arks-bitcoin-etf-decision" rel="noopener noreferrer nofollow">delayed</a> by the U.S. SEC last week. In what appears as a subtle response, Bitcoin whales now appear to be <a href="https://twitter.com/ali_charts/status/1691359644638175232?s=20" rel="noopener noreferrer nofollow">moving</a> their funds away from trading platforms, a move that has intensified in the past 24 hours. 
Data from Santiment, as shared by renowned on-chain analyst @Ali_Charts, shows that a total of 11,000 BTC have been withdrawn from crypto trading wallets in the past 24 hours. The sum is worth a total of $330 million, and this move serves as a very good omen for Bitcoin's impending bullish run. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> | More than 11,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> have been withdrawn from known <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> exchange wallets in the past 24 hours, worth around $330 million. <a href="https://t.co/kUol7QI0UI" rel="noopener noreferrer nofollow">pic.twitter.com/kUol7QI0UI</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1691359644638175232?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 15, 2023</a> 
</blockquote> 
The theories backing this bullish run are that whales are no longer mulling a selloff of BTC, and the withdrawal might be targeted at safe custody on hot wallets. While it is hard to note the exact purpose of on-chain transactions, the withdrawals are helping to limit the total BTC supply on secondary marketplaces, lending a positive undertone to the coin's potential price upshoot. 
<h2 id="growing-bitcoin-fundamentals">Growing Bitcoin fundamentals</h2> 
One crucial fundamental surrounding Bitcoin (BTC) today is its correlation with U.S. equities and investment-grade bonds thus far this month. 
As <a href="https://u.today/bitcoins-correlation-with-us-equities-surges-in-august" rel="noopener noreferrer nofollow">reported</a> earlier by U.Today, The correlation between U.S. equities and the iShares Core U.S. Aggregate Bond ETF (AGG) stood at 40% and 33%, respectively, for the month of August, according to data that comes from data analytics firm Kaiko. 
Ahead of the anticipated <a href="https://u.today/odds-of-ethereum-etf-approval-surge-analysts" rel="noopener noreferrer nofollow">approval</a> of a spot Bitcoin ETF, BTC bulls can take solace in this correlation in that it largely legitimizes the coin as a viable investment asset.

Massive Bitcoin (BTC) Exit From Exchanges May Spell Good Omen, Here's Reason

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