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Around two hundred million USD worth of Bitcoins were pulled out from exchanges the first day after the much-awaited halving event. Subsequent to BTC’s 3rd block halving on 11th May, users pulled out over twenty three thousand Bitcoins from cryptocurrency exchanges. This seems to hsignify increased levels of trust in the asset.
It also continues the recent trend of users transferring their Bitcoins to wallets they control, and away from centralized virtual currency exchanges. Moreover, in the 2 months since Black Thursday, the number of Bitcoins in crypto wallets has dropped significantly.
As per some speculations, users pulling out funds from crypto exchanges is a bullish sign. According to some twitteratis, if a user plans to sell their BTC in the imminent future, it would appear preposterous to move their crypto assets away from the digital asset exchanges.
Several significant on-chain metrics point to a very strong BTC network. Bitcoin holders may be making a bet on BTC to grow in value as a result of the irreversible decline in token production.
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