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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. Related Reading: Bitcoin Still In Bull Market, On-Chain Indicator Confirms 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. However, 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. A 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. Related Reading: Bitcoin Network Activity Slumps To One-Year Low – Is BTC Overpriced? 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. Featured image created with DALL-E, Chart from TradingView The Coin Rise

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INTERNET COMPUTER PRICE ANALYSIS & PREDICTION (February 8) – ICP Advances Bearish After Meeting Resistance, Where Next?

After swiftly recovering from a crash to a year low recently, ICP faced resistance and resumed pressure as selling volume increased. It appears weak at support and looks poised for a bigger crackdown. Most of the altcoins have recently followed Ethereum’s pattern, and are now looking extremely oversold following a sudden collapse to a year low, including ICP, which is now trading at a critical support zone daily. A recent attempt to break through this support zone (of $7 and $5.8) has proven abortive. But now that trading is back there, we may soon see a major breakdown to the $3 level. Looking at the daily price actions, the selling volume appears low at the time of writing. However, if the bulls continue to defend the support zone well, we may see a mini-recovery towards $9 before deciding on where to head next. Pushing through this price level could bring a major relief in the market and at the same time restore bullish hope for a positive move. While there are no signs of such a scenario at the moment, the price may remain calm a bit due to low selling volume. That could lead to a brief consolidation phase before resuming bearish at full speed. ICP’s Key Level To Watch Source: Tradingview The immediate support level for a drop right now is $5.81. If the price collapses through it, the next level for support would be $4.5 and $3. Towards the upside, ICP recently held the $7.74 level as resistance. A push above that resistance should bring a little recovery to the $9 level. Higher resistance levels to watch for recoveries are $10.5 and $12.9. Key Resistance Levels: $7.74, $9, $10.5 Key Support Levels: $5.81, $4.5, $3 Spot Price: $6.87 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: moxumbic/ 123RF // Image Effects by Colorcinch The Coin Rise