The price of Bitcoin (BTC) has been fluctuating in a relatively narrow range between $29,245 and $30,030 over the past week, putting it on everyone’s radar. Since the U.S. SEC postponed last week’s prospective approval of Ark Invest’s spot Bitcoin ETF product, the top asset has remained comparatively stable. Bitcoin whales now appear to be withdrawing their cash from trading platforms, a move that has accelerated over the past 24 hours, in what looks to be a subtle response.
A total of 11,000 BTC have been removed from cryptocurrency trading wallets in the previous day, according to data from Santiment that was posted by prominent on-chain analyst @Ali_Charts. This action, which is worth a total of $330 million, is highly promising for Bitcoin’s next bullish run.
The bullish run is supported by beliefs that whales are no longer considering a BTC selloff and that the withdrawal may be directed at safe custody on hot wallets. Although it can be difficult to determine the precise reason for on-chain transactions, withdrawals are assisting in reducing the overall supply of BTC on secondary markets, which supports the coin’s prospective price increase.
Growing Bitcoin fundamentals
The link between Bitcoin (BTC) and American stocks and investment-grade bonds so far this month is an important aspect of the cryptocurrency today.
According to statistics from data analytics company Kaiko, as previously reported by U.Today, the correlation between U.S. stocks and the iShares Core U.S. Aggregate Bond ETF (AGG) was at 40% and 33%, respectively, for the month of August.
BTC bulls might find consolation in this correlation before the anticipated approval of a spot Bitcoin ETF because it mainly validates the currency as a respectable financial asset.
