Bitcoin Surges Weekly High of $71,582, as Decreasing BTC Deposits on Exchanges Suggest Strong Holders and Limited Selling Pressure

  • 2 months ago
Bitcoin price rose over 0.55% to hit a weekly high of $71,582 on Tuesday, fueled by positive investor sentiment and spot ETF inflows. On-chain data from Santiment shows the percentage of wallets holding between 1,000-10,000 BTC increased from 23% to 25.17%, while those with 10,000-100,000 BTC also rose. Glassnode data found decreasing BTC deposits on exchanges, suggesting a lack of intent to sell from whales. Multiple large withdrawals of BTC were seen from Coinbase to unknown wallets on March 11 and 25. The upcoming Bitcoin halving in April is boosting prices as the supply cut takes effect.