Crypto analytics firm Santiment says that Bitcoin (BTC) is flying off exchanges at its fastest rate in more than four months, a potentially bullish indicator for the top crypto asset.
The crypto insights firm notes in a new tweet that 40,785 BTC, worth over $1,570,000,000 at time of writing, moved off exchanges in the past week, marking the highest weekly outflow total since mid-September.
“The continued trend of coins moving to cold wallets is historically good for long-term price movements.”
BTC is trading at $38,702.68 at time of writing, up nearly 5% in the past week. Despite the slight price recovery, sentiment among traders remains low – another potentially bullish indicator, according to Santiment.
“Bitcoin is back above $38,000 and Ethereum is up to $2,580. There is a long way to go return back to mid-November all-time-high levels. But traders appear to be quite doubtful. This negative sentiment has a high probability of fueling further price rises.”
Santiment also says that whales appear to be accumulating the stablecoin governance token Maker (MKR) over the past year, though the firm says the large addresses have yet to make a significant move on the asset in the most recent period of bearish price action over the past month.
MKR is trading at $2,227.76 at time of writing, up more than 27% in the past week.Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Liu zishan/Natalia Siiatovskaia