Bitcoin is exiting exchanges at the fastest pace since mid-2021

Bitcoin's price direction seems to be relentless and is on track to surpass the previous all-time high of $68,000, despite the fact that Bitcoin units are leaving exchanges at the fastest pace since mid-2021.

According to columnist William Suberg, "Mainstream investors have not yet fully returned to cryptocurrencies, but in the background, bitcoin exchanges are depleting their reserves."

Indicates Suberg, "Glassnode appears to show that daily BTC withdrawals are roughly equal to June 28-29, 2021, which combined resulted in record withdrawals," which in my view is an indicator projecting that price action will continue to rise.

On the other hand, and according to Van Straten research and data analyst at crypto analytics firm CryptoSlate, "the role of U.S. spot bitcoin exchange-traded funds (ETFs), excluding approximately USD 200 million sent to custodian Coinbase Pro."

To Crypto Dan's knowledge (contributor to on-chain analytics platform CryptoQuant), "Eventually, this ratio will continue to decline sharply, leading us to the 'true bull market' we desire"

Cointelegraph. Bitcoin daily withdrawals challenge records as $2B leaves exchanges. Link

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