{"id":2804,"date":"2025-02-08T05:11:05","date_gmt":"2025-02-08T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-sees-largest-exchange-withdrawals-since-ftx-collapse-whats-next\/"},"modified":"2025-02-08T05:11:05","modified_gmt":"2025-02-08T05:11:05","slug":"bitcoin-sees-largest-exchange-withdrawals-since-ftx-collapse-whats-next","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-sees-largest-exchange-withdrawals-since-ftx-collapse-whats-next\/","title":{"rendered":"Bitcoin Sees Largest Exchange Withdrawals Since FTX Collapse\u2014What\u2019s Next?"},"content":{"rendered":"

Bitcoin\u2019s price performance remains subdued, with the cryptocurrency trading above $97,000 at the time of writing\u2014a roughly 6.5% decline over the past week. The crypto asset has yet to reclaim the $100,000 level it lost earlier this week, leaving market participants uncertain about the near-term direction.<\/p>\n

Amid this backdrop, one CryptoQuant contributor, known as caueconomy, provided an exchange withdrawals.<\/p>\n

Largest Exchange Withdrawals Since FTX Collapse<\/h2>\n

In a recent post, caueconomy highlighted the largest volume of exchange withdrawals since the FTX collapse. According to the data, over 47,000 BTC were removed from exchange reserves.<\/p>\n

While some of these movements may be internal, they also indicate potential accumulation by a large market player or institutional entity. This trend of Bitcoin moving off exchanges typically signals a long-term bullish perspective, as fewer coins available for trading may lead to reduced sell-side pressure over time.<\/p>\n

\"Bitcoin<\/p>\n

However, the analyst clarified that this shift does not produce an immediate supply shock capable of impacting Bitcoin\u2019s price in the short term. Instead, it points to a gradual accumulation phase that could provide support for future price appreciation.<\/p>\n

\n

The largest volume of exchange withdrawals since the collapse of FTX<\/p>\n

\u201cWhile these withdrawals do not reflect an immediate “supply shock” to the price of bitcoin\u2026 it still reveals a trend of accumulation by large players.\u201d \u2013 By @caueconomy<\/a><\/p>\n

Full post \"\ud83d\udc47\"https:\/\/t.co\/ZjYBijDOZp<\/a> pic.twitter.com\/ZEWj95wtfD<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) February 7, 2025<\/a><\/p>\n<\/blockquote>\n

Bitcoin Breakout On The Horizon?<\/h2>\n

Meanwhile, another CryptoQuant analyst, Onatt, offered insights into potential breakout scenarios for Bitcoin. Onatt pointed<\/a> to the strong buying interest captured in the Coinbase Premium Index, a measure that compares Bitcoin\u2019s price on Coinbase to other exchanges.<\/p>\n

\"Coinbase<\/p>\n

A positive premium often reflects heightened demand from institutional investors, suggesting that the market\u2019s upward potential is intact. Onatt also noted the crossover of key moving averages\u2014SMA14 and SMA60\u2014indicating a possible build-up of bullish momentum.<\/p>\n

The analyst further highlighted Bitcoin\u2019s increasing correlation with gold and the S&P 500, indicating that the cryptocurrency\u2019s performance may align more closely with traditional risk assets. If the broader financial markets adopt a \u201crisk-on\u201d sentiment, Bitcoin could see an upward trend.<\/p>\n

Additionally, Federal Reserve Chairman Jerome Powell\u2019s recent comments regarding the limited impact of employment data on inflation have helped stabilize market expectations. As long as economic data remains within forecasted ranges, positive sentiment toward Bitcoin and other risk assets may continue to grow.<\/p>\n

\"Bitcoin<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s price performance remains subdued, with the cryptocurrency trading above $97,000 at the time of writing\u2014a roughly 6.5% decline over the past week. The crypto asset has yet to reclaim the $100,000 level it lost earlier this week, leaving market participants uncertain about the near-term direction. Amid this backdrop, one CryptoQuant contributor, known as caueconomy,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[65,111,73,1645,71,19,250,263],"class_list":["post-2804","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-btc","tag-btcsudt","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=2804"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/2804\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=2804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=2804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=2804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}