After the third halving of Bitcoin on May 11th 23,540 bitcoins (BTC) were withdrawn from the stock exchangesThis seems to indicate a high level of trust in the asset.
It also continues the current trend of Move cryptocurrencies to digital wallets and move away from centralized exchanges. In two months since Black Thursday The number of BTCs on the stock exchanges decreased from 2,634,574 to 2,332,524.
Bitcoin vs. Net Exchange Flow Bitcoin Bills. Source: Glassnode
It is assumed The fact that funds are withdrawn from exchanges is a bullish signal. If a user intends to sell their Bitcoin in the near future, it would be contradictory to remove the assets from an exchange. Instead, Users may transfer their crypto into an unguarded wallet for safe and long-term storage. We can see that on March 12th – Black Thursday, the stock exchanges one of the highest Bitcoin earnings ever recorded. Users deposited almost 40,000 coins in 24 hours. The tendency was undone The price has recovered and users have taken their fortune out of mass trade.
Many important metrics Point to a very healthy Bitcoin network. Hodlers could bet on Bitcoin due to the ongoing decline in coin production.