{"id":566766,"date":"2021-05-06T19:14:25","date_gmt":"2021-05-06T16:14:25","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566766"},"modified":"2021-05-06T19:14:25","modified_gmt":"2021-05-06T16:14:25","slug":"bitcoin-is-ready-for-another-leg-up-as-exchange-outflows-increase","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-is-ready-for-another-leg-up-as-exchange-outflows-increase\/","title":{"rendered":"Bitcoin is Ready for Another Leg Up as Exchange Outflows Increase"},"content":{"rendered":"
Bitcoin<\/a> could be gearing up for another bullish move based on the amount of BTC leaving crypto exchanges.<\/p>\n The potential for such a scenario was highlighted by the CEO of CryptoQuant, Ki Young Ju, who also explained that the outflow of Bitcoin<\/a> out of exchanges, was weakening selling pressure in the crypto markets. Mr. Ju shared his analysis through the following statement<\/a> and accompanying chart.<\/p>\n BTC<\/span> is ready to get another leg up. A significant amount of Bitcoins has flowed out across all exchanges, weakening selling pressure.<\/span><\/p><\/blockquote>\n <\/a><\/p>\n The reduction in the amount of Bitcoin held on crypto exchanges<\/a> was also pointed out by crypto community member @ThatsCheckNate who identified that the amount of Bitcoin being held on Coinbase, is currently lower than the amount during the peak of the 2017 bull cycle. His analysis<\/a> of the Bitcoin balances on Coinbase can be seen in the screenshot below.<\/p>\n <\/a><\/p>\n In addition, the team at Bloomberg has released their monthly Crypto Outlook report in which they conclude that Bitcoin has one advantage over other assets in the form of ‘timing’ within the current global economic environment that is signaling possible inflation<\/a>.<\/p>\nFewer Bitcoins Are Held on Coinbase Than in December 2017<\/h2>\n
Bitcoin is in the Early Stages of Adoption<\/h2>\n