The amount of Bitcoin (BTC) transferred from exchanges to cold wallets has increased significantly. The reason for this demand-supply imbalance may be a series of events planned for the coming days.
Bitcoin exiting the stock markets approached March 2020 levels
As we have reported as Kriptokoin.com, in the last month of March 2022, Bitcoin stock market exits once again exceeded 100,000 BTC. As Bitcoin recovers from negative pressure, buying interest is increasing. On-chain data provider Glassnode says outflows are approaching March 2020 levels:
BTC FX outflow volume has recently hit a monthly rate of 96.2k BTC. Total currency outflows of this scale have occurred only a few times in history, with the majority occurring after the March 2020 liquidity crisis.
BTC exhibited some strong corrections over the weekend after the strong rise last week. Bitcoin’s $45,500 resistance has turned into solid support and transactions above $46,000 continue to pass time. Any increase above the 200-day moving average (DMA) or $48,300 could trigger a positive rise in Bitcoin. With 19 million Bitcoins in circulation, there are only 2 million Bitcoins left to be mined. Also, according to Glassnode’s research, Bitcoin user growth is outpacing supply issuance by a wide margin. This demand-supply imbalance may support an upward price increase.
Market Eyes on this date
The 2022 Bitcoin conference will take place this week between April 6 and 8, and the market is waiting for it. One of the most important events highlighting how the industry is preparing for the future. On the other hand, there are allegations that Apple is trying to integrate BTC payments into Apple Pay. But that’s mostly market speculation as Apple is also planning a big event for this week.
Given that Apple Pay has millions of customers registered for the service, any official statement in this area could be a tremendous boost for BTC. According to analysts, the popularity of Bitcoin is expected to increase, just like Tesla. If companies like Apple and Google join the majority, the adoption of Bitcoin will accelerate.
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