Bitcoin Exchange Withdrawals Hit One-Year High
According to on-chain data provider CryptoQuant, the Bitcoin withdrawals from the exchanges have reached their highest levels since January 2023. This clearly hints at strong ongoing accumulation before the supply shock kicks in post the halving event
The world's largest cryptocurrency Bitcoin (BTC) has continued to face selling pressure recently as we approach the fourth Bitcoin halving ahead this week on April 20. However, on-chain activity shows some bullish developments ahead of BTC halving 2024.
According to on-chain data provider CryptoQuant, the Bitcoin withdrawals from the exchanges have reached their highest levels since January 2023. This clearly hints at strong ongoing accumulation before the supply shock kicks in post the halving event. Furthermore, the expectation that the Bitcoin supply shock will lead to a price surge, could be another reason behind the exchange withdrawals.
