Bitcoin outflows worth $1.2 billion were recorded by the US exchange Coinbase. Specifically, according to data from research firm Glassnode, last week 31,130 Bitcoin were withdrawn to personal wallets. This is the highest amount recorded since 2017.
More importantly, the withdrawal of coins is done on the Coinbase platform, which is known to be preferred by American institutions. Analysts conclude that this is a clear indication that the funds and institutions that hold Bitcoin do not intend to liquidate them in the short term.
Always according to Glassnode, April 2020 marked the largest amount of Bitcoin on the exchange. Since then, it has fallen by 36.6%.
Now the total number of Bitcoin held on the exchanges is 2,519,403. This is the lowest point since November 2018. What happened then? It was the month that saw the lowest Bitcoin price after a one-year retreat from the then all-time high of $20,000.
Also of note is that 38% of circulating Bitcoin has not moved for at least 3 years. This is another record, highlighting the long-term perspective of its holders.