Mass Exodus: Bitcoin Flowing out From Exchanges to HODLing Addresses
Bitcoin on-chain trackers, on Apr 1,observedblock transfers of Bitcoin from centralized exchanges to known hodling addresses. Thus far, trackers reveal that custodial ramps hold a mere 2.8 million coins. This coincides with renewed efforts from global investment banks, including Goldman Sachs and Morgan Stanley, to offer their wealthy private clients exposure toBitcoin-related funds. Also, Morgan Stanley, on Apr 1, filed with the SEC, declaring adding BTC exposure to several institutional funds.
A combination of BTC scarcity and institutional demand could lift BTC/USD prices to $62k and a new all-time high in 2021. Presently, traders are left with little option but to scramble for the little coins left in exchanges with institutions. Some centralized exchanges already facilitate negotiated block purchases, compounding the scarcity. Already, PayPal has a checkout feature for their U.S. clients. Note that they have to buy coins from approved exchanges for account holders to readily pay goods and services straight from their closed portals.
Impact on the BTC Price:
Bullish. The BTC/USD price has defied gravity, soaking sell pressure. It is printing higher from institutional and retail demand. A break above $62k may provide even more opportunities for aggressive traders to add to their longs targeting $93k and over.
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