The CryptoQuant report states that since the second half of 2022, the number of bitcoins on U.S. exchanges is decreasing. In contrast, the volume of cryptocurrency on global trading floors has been increasing for several months.
Analysts have concluded that we are seeing a redistribution of capital in the cryptosphere in favor of offshore centralized platforms.
BTC drawdown on the spot market is associated with the withdrawal of capital from trading platforms based in the United States.
Investors are rapidly leaving U.S. exchanges due to increased scrutiny of the blockchain industry in the country. And CryproQuant does not rule out that if Washington tightens the regulatory framework for digital currencies, the outflow of capital will take on a large scale.
BTC returned to values above $28,000 during the day. The cryptocurrency’s weekly capitalization rose nearly 2.5% to $542.054 billion.
Bitcoin has added more than 70% in value since January 2023. For four months in a row, it has finished in the black.
A similar situation was observed in the spring of 2021, according to Bloomberg. Analysts do not exclude that BTC will strengthen until mid-summer, after which a seasonal weakening of activity of traders and as a result, the rollback of bitcoin is expected. It will start a new ascent in late summer or early fall.