Crypto analytics firm Santiment says that Bitcoin (BTC) is flying off exchanges at its fastest rate in more than four months, a potentially bullish indicator for the top crypto asset.
The crypto insights firm notes in a new tweet that 40,785 BTC, worth over $1,570,000,000 at time of writing, moved off exchanges in the past week, marking the highest weekly outflow total since mid-September.
“The continued trend of coins moving to cold wallets is historically good for long-term price movements.”
BTC is trading at $38,702.68 at time of writing, up nearly 5% in the past week. Despite the slight price recovery, sentiment among traders remains low – another potentially bullish indicator, according to Santiment.
“Bitcoin is back above $38,000 and Ethereum is up to $2,580. There is a long way to go return back to mid-November all-time-high levels. But traders appear to be quite doubtful. This negative sentiment has a high probability of fueling further price rises.”
Santiment also says that whales appear to be accumulating the stablecoin governance token Maker (MKR) over the past year, though the firm says the large addresses have yet to make a significant move on the asset in the most recent period of bearish price action over the past month.
MKR is trading at $2,227.76 at time of writing, up more than 27% in the past week.
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Featured Image: Shutterstock/Liu zishan/Natalia Siiatovskaia