The Bitcoin (BTC) price may be ready to go and shows data exchange

Mar 28, 2020 12:20 AM ET

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Follow the money
Not your keys, not your Bitcoin

 

According to Glassnode, Bitcoin (BTC) holders are actively withdrawing their money from the exchanges. This indicates that BTC may be in a different accumulation phase before a possible rally.

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Follow the money

Outflows from major exchanges have increased since March 18. As a result, their Bitcoin balances hit their lowest level in eight months.

The situation was completely different on the verge of the March 12 crash that frightened the crypto industry. There was a rapid increase in inflows four days before the 48 percent slump. For those who watched, this was a telltale sign that whales were ready to drop a huge amount of coins.

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Not your keys, not your Bitcoin

The migration of coins from large exchanges could also indicate that some investors are losing confidence in centralized exchanges that appeared to be stronger two months ago than ever before. According to a LongHash report, Coinbase had almost 1 million BTC in its cold wallets in late January.

Despite the dominance of crypto exchange, commissioning third parties with your money contradicts the idea of ​​currency sovereignty. Therefore, many Bitcoin O.G. Trace Mayer asks BTC holders to take control of their coins.

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