CryptoQuant Analyst: Over $500 Million in Bitcoin Withdrawn from Exchanges Yesterday, Could Signal Bullish Market

CryptoQuant analyst Amr Taha stated that over $500 million worth of Bitcoin was withdrawn from exchanges yesterday, indicating that whales are taking Bitcoin off exchanges, potentially for long-term holding or off-platform use (such as DeFi or cold storage). This is often seen as a bullish signal, suggesting a reduction in selling pressure. More than 7,000 Bitcoins have been withdrawn from the Coinbase exchange.

Over $150 million worth of Ethereum was withdrawn from centralized exchanges yesterday, possibly suggesting that funds are accumulating or preparing for staking/DeFi activities. Similar to Bitcoin, this could also reflect bullish market sentiment.