Data from Santiment, as shared by renowned on-chain analyst @Ali_Charts, shows that a total of 11,000 BTC have been withdrawn from crypto trading wallets in the past 24 hours. The sum is worth a total of $330 million, and this move serves as a very good omen for Bitcoin’s impending bullish run.
The theories backing this bullish run are that whales are no longer mulling a selloff of BTC, and the withdrawal might be targeted at safe custody on hot wallets. While it is hard to note the exact purpose of on-chain transactions, the withdrawals are helping to limit the total BTC supply on secondary marketplaces, lending a positive undertone to the coin’s potential price upshoot.
As earlier by U.Today, The correlation between U.S. equities and the iShares Core U.S. Aggregate Bond ETF (AGG) stood at 40% and 33%, respectively, for the month of August, according to data that comes from data analytics firm Kaiko.
Ahead of the anticipated of a spot Bitcoin ETF, BTC bulls can take solace in this correlation in that it largely legitimizes the coin as a viable investment asset.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
