Bitcoin is flowing off exchanges again, this is how we get to the moon. When whales and institutions accumulate it leads to supply shortages which can result in ATH's.
Some good news being reported from glass node with respect to net transfer volume in and out of exchanges. For the end of June and into July there is a net outflow!
Less coins on exchanges usually translates to high prices. So it looks like when BTC is between $32-35k coins are moving away from centralized exchanges and into wallets for the hodl.
Who is pulling coins off the exchanges is what I want to know?
Apparently the grayscale GBTC Trust was responsible for pulling a fair amount of coin from exchanges late last year and into Q1, surely there are many more funds to come that will be loading up with BTC.
Thing is they can't all do it at the same time, there just isn't enough to go around and they would all pay through the nose for their coins. $30-35k looks like it's a range that someone somewhere likes to load up at.
Currently there's a net outflow away from exchanges to the tune of 2,000 BTC daily.
The number of Bitcoin (BTC) held on centralized exchanges has consistently fallen since late May, with roughly 2,000 BTC (worth roughly $66 million at current prices) flowing out of exchanges daily. - cointelegraph.com
I don't want to get my hopes up that another leg up is around the corner. I can't say for sure what this means, I don't think anyone can say for sure.
But what we do know is that coins are once again moving away from exchanges on mass, and if this continues for much longer there will again be liquidity crunches which could lead to more highs.
Ciao for now,
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