Bitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors expect further bullish momentum.
According to data provided by IntoTheBlock, Bitcoin (BTC) witnessed $1.29 billion in net outflows from CEXs over the past week. The movement shows increased accumulation as most on-chain signals look bullish for the flagship cryptocurrency.
Most of the outflows, around 12,420 BTC, came on Sept. 10 when the asset’s price struggled below the $57,000 mark, per ITB data.
Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders started profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600.
Bitcoin witnessed a large holder net outflow of 9,180 BTC on the same day. The on-chain movement shows a massive selloff by whales, sending the asset’s price below $60,000.
Expect lower price volatility
According to a Friday report by crypto.news, MicroStrategy purchased 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.
However, the trend soon shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB.
The large holders’ net flows bounced to the positive zone, with 3,240 BTC in net inflows yesterday.
Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap is currently sitting at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.
At this point, lower price volatility would be expected for Bitcoin as the price consolidates close to the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.
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