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The cryptocurrency market has witnessed a significant movement in recent days, with Bitcoin<\/a> withdrawals from exchanges reaching levels close to a record.<\/strong> According to recent reports, over $2 billion in BTC was withdrawn from exchanges on March 1<\/strong>, marking one of the largest fund outflows in the cryptocurrency’s history.<\/p>\n This phenomenon challenges previous records, including those observed in 2021, when critical withdrawals also signaled a market shift. Specifically, daily withdrawals towards the end of June 2021 were some of the highest recorded to date.<\/strong><\/p>\n Glassnode<\/a> data shows that the total Bitcoin stored in major exchanges has decreased significantly, reaching its lowest point since March 2018.<\/strong> This suggests a possible preference for offline storage or private wallets.<\/p>\n Regarding the affected platforms, it is highlighted that both Binance and Coinbase experienced significant fund outflows<\/strong>, with Binance seeing around $400 million in withdrawals. Interestingly, withdrawals from Binance do not seem to be related to interest in BTC ETF<\/strong>, suggesting different motivations for investors.<\/p>\n Withdrawals from Binance are further highlighted by the magnitude of the transactions. There were multiple withdrawals of over $50 million, with many others of over $10 million<\/strong>, according to reports. This concentration of large volume withdrawals indicates that certain investors may be moving large amounts of BTC<\/a> out of exchanges for strategic or security reasons.<\/strong><\/p>\n Despite these massive withdrawals, the price of Bitcoin has experienced an increase in the past hours. At the time of writing this article, BTC is trading around $65,000, an increase of 4.34% in the last 24 hours<\/strong>. This price increase, along with consolidation above $62,000, has led to 99% of BTC addresses being profitable<\/strong>.<\/p>\n Market analysts suggest that these movements may indicate a bullish market phase driven by fear of missing out (FOMO)<\/strong>, which could lead to a continued increase in the price of Bitcoin in the coming months. However, as always in the cryptocurrency market, volatility and uncertainty are constant factors to consider.<\/p>\n","protected":false},"excerpt":{"rendered":" TL;DR A withdrawal of over $2 billion in Bitcoin from exchanges was recorded on March 1, approaching a historical record in the cryptocurrency. Glassnode data shows a notable decrease in the total BTC stored in major exchanges, reaching the lowest level since March 2018. BTC has reached $65,000. Analysts suggest a possible bullish momentum in … <\/p>\n![\"bitcoin](\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/03\/bitcoin-glassnode-post-1.jpg\")
<\/p>\nBitcoin Continues to Rise and Analysts Predict Continuation of Bullish Trend<\/h2>\n