Even though the price of the asset dropped below $40K this week, the large owners continued to accumulate and hold it.

Santiment crypto data analysis firm says that 26K Bitcoins were expelled from cryptocurrency exchanges within the past days. This represents the highest number of bitcoins that have been transferred to private wallets over the past five weeks.

Santiment says that price spikes are usually caused by large amounts of Bitcoins being removed from trading platforms.

25,878 #Bitcoin were moved off of exchanges in the past 24 hours, the largest difference between outflow & inflow in 5 weeks. In the past, price increases are caused by large volumes of $BTC being moved off exchanges. It takes a few days to establish the pattern. https://t.co/wZ4Q8LZsxn pic.twitter.com/UCWp7G5WuZ

— Santiment (@santimentfeed) April 14, 2022

As seen from Santiment’s data, Bitcoin’s price rose by approximately 25% the two previous times this year that massive Bitcoin outflows from exchanges were witnessed.

Glassnode, a crypto analytics firm, further supports the Santiment insights regarding future positive market sentiment.

As Glassnode’s co-founders reported, Bitcoin’s has adoption increased and new Bitcoin participants are regularly entering the market. The Bitcoin market is also growing faster than the profits investors make by selling it.

You can see for yourself https://t.co/3CIPmzPbad pic.twitter.com/zHnQ3aoPwk. See for yourself https://t.co/3CIPmzPbad pic.twitter.com/zHnQ3aoPwk

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