Bitcoin’s recent rise above $60,000 has sparked a significant outflow from centralized exchanges (CEXs), signaling optimism among investors who are accumulating in anticipation of further price gains. According to data from IntoTheBlock, Bitcoin experienced $1.29 billion in net outflows from exchanges over the past week, highlighting bullish sentiment surrounding the cryptocurrency.
On September 10, as Bitcoin hovered below the $57,000 mark, around 12,420 BTC were withdrawn from exchanges, marking a significant shift in market activity. As the price surged to $60,000 on September 13, large holders began profit-taking, with a net outflow of 9,180 BTC, causing Bitcoin’s price to dip back below the $60,000 threshold.
Shift from Selloff to Accumulation
Despite this selloff, bullish momentum reemerged soon after. By Saturday, September 14, accumulation resumed, with large holders adding 3,240 BTC to exchanges, pushing the ratio of net flows back to positive territory. This shift suggests that major investors are still optimistic about Bitcoin’s future growth, despite short-term volatility.
Notably, MicroStrategy made a bold move during the selloff, purchasing 18,300 BTC for approximately $1.11 billion, underscoring its confidence in the cryptocurrency’s long-term potential.
Expectations of Lower Volatility
As Bitcoin currently trades at $60,100, with a market cap of $1.86 trillion, the asset is showing signs of price consolidation near the key $60,000 level. Although trading volume dropped by 57%, reaching $13.7 billion, the overall sentiment remains bullish. Investors are anticipating reduced price volatility in the near term as Bitcoin holds steady in this psychological price range.
However, a drop below $59,000 could trigger significant liquidations, leading to increased volatility and a potential market correction. For now, the bulls remain unfazed, with the outflows suggesting confidence in Bitcoin’s future trajectory.
