As CryptoSlate's latest analysis shows, exchange withdrawals have skyrocketed since November 2022, with a staggering drop of over 100,000 BTC in exchange balances just since April 18, 2023. So why are investors pulling their Bitcoin from the market?
Bitcoin buying pressure could surge amid rising exchange withdrawals Bitcoin buying pressure could surge amid rising exchange withdrawals
Rapid exchange withdrawals and increased exchange-related activity have the potential to increase buying pressure for Bitcoin as the tradable supply decreases.
2 min read
Updated: Jul. 14, 2023 at 7:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
As CryptoSlate's latest analysis shows, exchange withdrawals have skyrocketed since November 2022, with a staggering drop of over 100,000 BTC in exchange balances just since April 18, 2023. So why are investors pulling their Bitcoin from the market?
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.