Coinspeaker
Bitcoin Exchange Withdrawals Hit One-Year High, BTC Price Surge Ahead?
The world’s largest cryptocurrency Bitcoin (BTC) has continued to face selling pressure off-lately as we approach the fourth Bitcoin halving ahead this week on April 20. However, on-chain activity shows some bullish developments ahead of BTC halving 2024.
As per on-chain data provider CryptoQuant, the Bitcoin withdrawals from the exchanges have reached their highest levels since January 2023. This clearly hints at strong ongoing accumulation before the supply shock kicks in post the halving event. Furthermore, the expectation that the Bitcoin supply shock will lead to a price surge, could be another reason behind the exchange withdrawals.
Photo: CryptoQuant
Also, the developments taking place in the Bitcoin derivatives market are on a positive note. CryptoQuant analyst Burak pointed out that the open interest in derivatives exchanges has dropped from $18 billion to $14.2 billion. As a re
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