From Investing.com: 2024-06-12 14:30:25

Enormous amounts of Bitcoin are being withdrawn from exchanges, signaling a shift towards self-custody. The move typically indicates bullish sentiment, but surprisingly, the price of Bitcoin has not risen as expected. Various factors like macroeconomic conditions and institutional behavior are impacting the market dynamics.

Institutions are increasingly moving their Bitcoin off exchanges for compliance and security reasons, not necessarily to sell. This trend reflects a broader adoption of decentralized financial practices and self-custody. Data shows a consistent drop in Bitcoin reserves on exchanges, possibly part of a long-term strategy by investors.

Despite occasional price fluctuations, Bitcoin’s exchange reserves continue to decline steadily. The market appears to be consolidating, with no clear direction from bulls or bears. This withdrawal activity may not immediately boost prices, but it signifies confidence in Bitcoin’s long-term value.

Read more at Investing.com: $1 Billion in Bitcoin (BTC) Disappear By U.Today