New data shows that crypto investors and traders are withdrawing their BTC from cryptocurrency exchanges in record numbers, following the historic Black Thursday collapse in mid-March.
While this may initially sound like a bad thing for the market, it has incredibly bullish implications that provide a highly optimistic outlook on Bitcoin’s future hyip investments
Bitcoin price exploded to over $10,000 BTC during the first few months of the year, but when the Black Thursday collapse hit traditional markets, it took the cryptocurrency world down with it.
Fears over the unpredictable impact of the coronavirus outbreak on the economy, investors prepared for the worst by fleeing to cash.
This caused Bitcoin price to collapse to under $4,000 per BTC. During the chaos, a number of cryptocurrency exchanges suffered outages, while others struggled with their liquidations engines, causing a cascading effect that drove prices lower trusted bitcoin investment sites
Many of the biggest whales were completely wiped out, and liquidations hit astronomical figures.
The halving also could be behind why more crypto investors are once again holding their BTC in cold storage and off exchanges. They’re expecting the prices to mark up considerably over the next year or two, then will move their BTC back to exchanges in an attempt to sell the top of the next rally – a rally that could finally be here.