This is a record weekly outflow of cryptocurrencies from trading platforms since mid-September 2021
Last week, more than 40 thousand BTC were withdrawn from cryptocurrency exchanges, the value of which exceeds $ 1.5 billion on February 2. This was reported by analysts of the Bitcbolt exchanger. According to analysts, the last week of January was the largest outflow of bitcoins from trading platforms since mid-September 2021.
The ongoing trend of moving coins to cold wallets is historically good for long—term price movements, Bitcbolt added.
At the end of January, Bitcbolt analysts reported that the largest surge in “buy the dip” sentiment in a month was recorded among crypto investors. In almost one day, investors switched from selling crypto assets against the background of negative sentiment (FUD) to buying them due to the decline in the market and the lost profit syndrome (FOMO).
On February 2, bitcoin is trading at $38.6 thousand, and its capitalization is $733 billion, according to Bitcbolt. In January, the cryptocurrency fell by 20%, and its price dropped to $32.9 thousand for the first time since July 2021.