Bitcoin Bullish Signal: Exchange Reserve Loses Another 50k BTC Over Past Week!
On-chain data shows the Bitcoin exchange reserve has lost another 50k BTC over the past week, a sign that could be bullish for the price of the crypto.
As pointed out by an analyst, 50k BTC in net outflows has exited exchange wallets over the past week.
The “all exchanges reserve” is an indicator that measures the total amount of Bitcoin stored in wallets of all centralized exchanges.
When the value of this metric goes up, it means the supply on exchanges is rising as investors deposit a net amount of coins. Such a trend may be bearish for the price of the coin as holders usually transfer to exchanges for selling purposes.
On the other hand, the reserve’s value decreasing implies that a net amount of Bitcoin is exiting exchange wallets at the moment. This kind of trend when sustained over a period can prove to be bullish for the coin’s price as it may be a sign that investors are accumulating.
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