September has turned out to be a highly volatile month for bitcoin so far, as the asset has gone through several ups and downs, including yesterday\u2019s impressive surge to over $58,000.<\/p>\n
However, BTC could be on the verge of yet another rally, given the substantial outflows from exchanges, which recently hit a multi-month high.<\/p>\n
IntoTheBlock data shows that September 10 marked the highest levels of BTC withdrawals from trading platforms since May, marking a four-month peak for this metric. The declining bitcoin reserves sitting on exchanges reduce the immediate sell pressure for the asset, which is typically regarded as a bullish development.<\/p>\n
In fact, ITB\u2019s graph shows that the last time such a large portion of the bicoin supply was taken off trading venues (late May) was followed by a price surge that drove the asset from under $68,000 to $72,000 within days.<\/p>\n
In contrast, the massive inflows in late July led to a price crash that pushed the cryptocurrency from over $68,000 to under $64,000. Moreover, BTC\u2019s price tumbled further in early August, dumping to a multi-month low of under $50,000.<\/p>\n
As such, the recent withdrawals could be a signal for even more rallies around the corner. BTC\u2019s price already recovered<\/a> from the post-CPI dump to $55,500 and now sits above $58,000 in anticipation for the upcoming FOMC meeting in the States next week.<\/p>\n Yesterday saw the largest net Bitcoin outflow from exchanges since May, with a net outflow of $750 million.<\/p>\n This signals significant accumulation by $BTC<\/a> holders pic.twitter.com\/dA2Rvv6MGA<\/a><\/p>\n \u2014 IntoTheBlock (@intotheblock) September 11, 2024<\/a><\/p>\n\n Aside from the declining exchange reserves, the growing number of stablecoins<\/a> ready to be deployed for purchases could also propel a price surge for bitcoin or some of the altcoins<\/a>.<\/p>\n While investors pulled out the aforementioned $750 million worth of bitcoin off exchanges on September 10, that date saw $117 million in net inflows to the spot BTC ETFs. This was the highest day of net inflows since August 26.<\/p>\n However, the trend changed once again on September 11 as investors took out in total $43.9 million from the financial vehicles. Ark Invest\u2019s ARKB was hit<\/a> the hardest with $54 million in withdrawals, while Fidelity\u2019s FBTC attracted $12.6 million.<\/p>\n The post Highest Bitcoin Exchange Outflows Since May Hint at Another BTC Price Rally<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" September has turned out to be a highly volatile month for bitcoin so far, as the asset has gone through several ups and downs, including yesterday\u2019s impressive surge to over $58,000. However, BTC could be on the verge of yet another rally, given the substantial outflows from exchanges, which recently hit a multi-month high. $750M […]<\/p>\n","protected":false},"author":0,"featured_media":5849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5848"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5848"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5849"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}ETF Landscape<\/h2>\n