(Glassnode) The aggregate Bitcoin exchange outflows reached a rate of 96,200 BTC per month, with the last time it hit the level being in March 2020.
Glassnode says that such a high volume is rarely seen, suggesting the formation of a price bottom for the world’s leading cryptocurrency.
The robust exchange outflows coincide with a bullish momentum that has developed on Bitcoin, with the cryptocurrency trading at around $46,600.
Analysts still say a Bitcoin run to $50,000 could take time, with the expected rate hike from the US central bank, potential strict EU policies, and the war in Ukraine as likely headwinds.
Bitcoin analyst and creator of S2F model says Bitcoin is still undervalued and is currently trading at a 55% discount. Mike Novogratz, however, warns investors not to expect significant Bitcoin gains as regulatory uncertainty has heightened this year.
BTCUSD is up +0.09%
