Rally

bullish

FOMC

2024

<p>September has turned out to be a highly volatile month for bitcoin so far, as the asset has gone through several ups and downs, including yesterday’s impressive surge to over $58,000.</p> 
<p>However, BTC could be on the verge of yet another rally, given the substantial outflows from exchanges, which recently hit a multi-month high.</p> 
<h2 id="750m-in-withdrawals">$750M in Withdrawals</h2> 
<p>IntoTheBlock data shows that September 10 marked the highest levels of BTC withdrawals from trading platforms since May, marking a four-month peak for this metric. The declining bitcoin reserves sitting on exchanges reduce the immediate sell pressure for the asset, which is typically regarded as a bullish development.</p> 
<p>In fact, ITB’s graph shows that the last time such a large portion of the bicoin supply was taken off trading venues (late May) was followed by a price surge that drove the asset from under $68,000 to $72,000 within days.</p> 
<p>In contrast, the massive inflows in late July led to a price crash that pushed the cryptocurrency from over $68,000 to under $64,000. Moreover, BTC’s price tumbled further in early August, dumping to a multi-month low of under $50,000.</p> 
<p>As such, the recent withdrawals could be a signal for even more rallies around the corner. BTC’s price already <a href="https://cryptopotato.com/btc-rises-above-58k-following-cpi-data-bnb-and-ada-jump-by-6-market-watch/" data-wpel-link="internal">recovered</a> from the post-CPI dump to $55,500 and now sits above $58,000 in anticipation for the upcoming FOMC meeting in the States next week.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Yesterday saw the largest net Bitcoin outflow from exchanges since May, with a net outflow of $750 million.</p> 
 <p>This signals significant accumulation by <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">$BTC</a> holders <a href="https://t.co/dA2Rvv6MGA" data-wpel-link="external" target="_blank">pic.twitter.com/dA2Rvv6MGA</a></p> 
 <p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1833789963730596243?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">September 11, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Aside from the declining exchange reserves, the <a href="https://cryptopotato.com/these-factors-suggest-bitcoins-btc-bull-run-is-just-getting-started-cq/" data-wpel-link="internal">growing number of stablecoins</a> ready to be deployed for purchases could also propel a price surge for bitcoin or some of the <a href="https://cryptopotato.com/altseason-upon-us-these-altcoins-surged-the-most-despite-btc-eth-weekly-retracements/" data-wpel-link="internal">altcoins</a>.</p> 
<h2 id="etf-landscape">ETF Landscape</h2> 
<p>While investors pulled out the aforementioned $750 million worth of bitcoin off exchanges on September 10, that date saw $117 million in net inflows to the spot BTC ETFs. This was the highest day of net inflows since August 26.</p> 
<p>However, the trend changed once again on September 11 as investors took out in total $43.9 million from the financial vehicles. Ark Invest’s ARKB was <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/" data-wpel-link="external" target="_blank">hit</a> the hardest with $54 million in withdrawals, while Fidelity’s FBTC attracted $12.6 million.</p> 
<p>The post <a href="https://cryptopotato.com/highest-bitcoin-exchange-outflows-since-may-hint-at-another-btc-price-rally/" rel="nofollow">Highest Bitcoin Exchange Outflows Since May Hint at Another BTC Price Rally</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Highest Bitcoin Exchange Outflows Since May Hint at Another BTC Price Rally

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