BitMEX Records Second-Largest Bitcoin Outflow in History, What This Means?

This post was originally published on Coinspeaker

Moving large amounts of Bitcoins from BitMEX is often seen as a sign of accumulation. This shows that the high net-worth investors of Bitcoin are betting on the asset’s future potential.

In a massive development, one of the most popular crypto exchanges BitMEX registered the second-largest Bitcoin outflow of 35,486 BTC in its history. This event holds a greater significance as the “Exchange Netflow” indicator on BitMEX has shown a strong correlation to Bitcoin price movements in the past.

As per data provided by CryptoQuant, large bitcoin outflows from BitMEX suggest that top BTC investors have been withdrawing their holdings, and moving them either to cold storage or for strategic sales on other platforms.

However, such a movement of BTC reduces the immediate selling pressure on the exchange, thereby adding stability to the Bitcoin price and also serves as a catalyst for the rally ahead. Moreover, moving large amounts of Bitcoins from BitMEX is often seen as a sign of accumulation. This shows that the high net-worth investors of Bitcoin are betting on the asset’s future potential.

Photo: CryptoQuant

BitMEX has consistently attracted attention from analysts and enthusiasts because of its significant impact

Read the rest of this post, which was originally published on Coinspeaker.

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