$BTC records net outflows from exchanges in the past 24 hours
On-chain data shows that $BTC is recording net outflows from centralized exchanges (CEX) in the last 24 hours, with Binance continuing to hold a large share.
In previous cycles, the withdrawal of BTC from exchanges often reflects the medium-term holding trend of investors, while also reducing the supply of BTC available for sale in the market.
At the current time, the price of BTC is still fluctuating within a narrow range, indicating that the market is in a state of waiting for clearer signals from the money flow and price actions.
Perspective:
As long as $BTC continues to maintain the trend of net outflows from exchanges, short-term selling pressure is assessed to be not significant. However, the market still needs additional confirmation on volume to establish a sustainable upward trend.
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