- Bitcoin exchange outflows in January have contributed to a decline in bearish price predictions.
- Data from Glassnode shows that despite a 20% dip in BTC/USD, coins have continued to leave exchanges.
- Investor appetite for Bitcoin has not been affected by current price pressures.
Bitcoin Exchange Outflows Continue Despite Price Dip
Data from Glassnode, an on-chain analytics firm, suggests that Bitcoin exchange outflows in January are countering bearish price predictions. Despite a 20% decrease in the BTC/USD price, coins are being withdrawn from exchanges. This data indicates that investor appetite for Bitcoin remains strong even during periods of price pressure.-
The continuous outflow of Bitcoin from exchanges despite the price dip is an encouraging sign for Bitcoin ETFs, including GBTC. It suggests that investors are confident in the long-term prospects of Bitcoin and are willing to hold their holdings off exchanges. This trend could lead to net inflows into Bitcoin ETFs in the near future.-
Original article: https://cointelegraph.com/news/gbtc-outflows-drop-bitcoin-exchanges-btc