Bitcoin’s stint above $40,000 continues as the market ushers in another week of trading. The weekend had been a rollercoaster for investors but prices have since started to level out. With the break above $40,000 last week, faith has gradually returned to the market, causing more people to invest in the digital asset. Amid this has emerged an accumulation pattern that suggests a bullish outlook for the long-term. Exchange Outflows Rise Over the past week, bitcoin exchange outflows have been on the rise. This is marked by the recovery of the digital asset’s value above the $40,000 level. This coveted level can be elusive for the cryptocurrency. However, with so many breaks above it in the first three months of the year, it has been able to garner enough support to enter an accumulation trend. Related Reading | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says Data from Glassnode shows that the previous week has seen more exchange outflows than inflows. Recording the daily numbers via reports shows that on a daily, bitcoin investors are choosing to move their coins out of these (centralized) exchanges to other wallets. An example of this was Saturday which saw $1.6 billion in BTC leaving exchanges in a single day. On the weekly scale, the outflows have continued to surpass inflows, although not by a large margin. In a recent report, the on-chain data aggregator showed that $6.3 billion in BTC l...
