Bitcoin Sees Largest Exchange Withdrawals Since FTX Collapse—What’s Next?
Bitcoin’s price performance remains subdued, with the cryptocurrency trading above $97,000 at the time of writing—a roughly 6.5% decline over the past week. The crypto asset has yet to reclaim the $100,000 level it lost earlier this week, leaving market participants uncertain about the near-term direction. Amid this backdrop, one CryptoQuant contributor, known as caueconomy, provided an analysis of a significant development involving Bitcoin’s exchange withdrawals. Largest Exchange Withdrawals Since FTX Collapse In a recent post, caueconomy highlighted the largest volume of exchange withdrawals since the FTX collapse. According to the data, over 47,000 BTC were removed from exchange reserves. While some of these movements may be internal, they also indicate potential accumulation by a large market player or institutional entity. This trend of Bitcoin moving off exchanges typically signals a long-term bullish perspective, as fewer coins available for trading may lead to reduced sell-side pressure over time. Bitcoin exchange netflow. | Source: CryptoQuantHowever, the analyst clarified that this shift does not produce an immediate supply shock capable of impacting Bitcoin’s price in the short term. Instead, it points to a gradual accumulation phase that could provide support for future price appreciation. The largest volume of exchange withdrawals since the collapse of FTX “While these withdrawals do not reflect an immediate “supply shock” to the price of bitcoin… it still reveals a trend of accumulation by large players.” – By @caueconomy Full post 👇https://t.co/ZjYBijDOZp pic.twitter.com/ZEWj95wtfD — CryptoQuant.com (@cryptoquant_com) February 7, 2025 Bitcoin Breakout On The Horizon? Meanwhile, another CryptoQuant analyst, Onatt, offered insights into potential breakout scenarios for Bitcoin. Onatt pointed to the strong buying interest captured in the Coinbase Premium Index, a measure that compares Bitcoin’s price on Coinbase to other exchanges. Coinbase premium index. | Source: CryptoQuantA positive premium often reflects heightened demand from institutional investors, suggesting that the market’s upward potential is intact. Onatt also noted the crossover of key moving averages—SMA14 and SMA60—indicating a possible build-up of bullish momentum. The analyst further highlighted Bitcoin’s increasing correlation with gold and the S&P 500, indicating that the cryptocurrency’s performance may align more closely with traditional risk assets. If the broader financial markets adopt a “risk-on” sentiment, Bitcoin could see an upward trend. Additionally, Federal Reserve Chairman Jerome Powell’s recent comments regarding the limited impact of employment data on inflation have helped stabilize market expectations. As long as economic data remains within forecasted ranges, positive sentiment toward Bitcoin and other risk assets may continue to grow. BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.comFeatured image created with DALL-E, Chart from TradingView Samuel Edyme Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics. When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.” PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. 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