As the #Bitcoin price declined to the level of $ 50,000 today, blockchain data shows that this decline may have been seen as an opportunity to buy.
According to the data we compiled from #CryptoQuant, the difference between the number of #BTC entering and leaving the wallets of spot exchanges was -14278 yesterday. In other words, the amount of Bitcoin leaving the exchanges was 14,278 BTC more than the amount of Bitcoin entering. A similar situation occurred a few days ago, on March 23. The difference was 14,762 BTC this time.
↪️The difference between BTC entering and leaving the wallets of spot exchanges.
According to market analysts, increases in the amount of Bitcoin leaving the exchanges mean that traders or investors may be preparing to keep their BTC long-term. This is considered as a positive signal for Bitcoin price.
The vast majority of Bitcoin issues that took place yesterday and a few days ago were from Coinbase Pro wallets. A significant portion of BTCs came out of this exchange's wallets. Coinbase is known to mediate a large number of companies to purchase Bitcoin, and it is likely that these Bitcoin issues are transactions belonging to these companies. It was recently learned that the Chinese technology company Meitu is working with Coinbase for Bitcoin and Ethereum purchases.
↪️Significant BTC exits from Gemini and Binance have also been recorded in the last few hours, as well as Coinbase Pro. While 12,388 BTC was withdrawn from Coinbase Pro, Gemini and Binance were 2,934 and 1,98 BTC respectively.