Bitcoin (BTC) is again showing signs of bullishness, with outflows from crypto exchanges and into personal wallets now seeing a significant uptick.
In a post published on the crypto analytics platform CryptoQuant, the exchange outflows were described as “very significant” and “the highest amount in months,” amounting to more than 61,000 BTC in the past three days alone.
“After months of [lower] prices, this is a sign of demand coming back into the market,” the post, written by the user Maartunn, said.
Exchange outflows are generally seen as bullish for crypto prices, as it indicates that investors have long-term convictions in the asset and are not planning to sell again in the near term. Conversely, exchange inflows are seen as bearish as it can be a sign that investors are losing confidence and are therefore sending coins to exchanges to be sold.
Meanwhile, bitcoin balances held on exchanges have also seen a consistent downtrend in recent months after spiking back in early August....
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