In the new report of crypto analysis company CryptoQuant, it is stated that Bitcoin’s recent rise is supported by strong demand from Asia, while there is a weak picture in the interest from the US side. Bitcoin recently climbed to $68,800 with the recovery it started from $63,000 and gained around 7 percent in the last 24 hours. While this acceleration in prices may seem like a classic correction rally on the surface, on-chain data points to a deeper transformation.
Massive Bitcoin Outflow from Exchanges
The withdrawal of 2,205 Bitcoins from the Binance exchange in the last 24 hours was one of the most notable headlines. This amount represents a movement of more than three times the daily average of the last 30 days. Crypto assets released from exchanges generally indicate that investors have purchased and started to hide their money by withdrawing it from the exchange. This situation suggests that the market exhibits a behavior that indicates accumulation and long-term confidence rather than short-term profit-oriented transactions.
Change in Investor Behavior
In the recent sharp decline in Bitcoin, large investors known as whales sent approximately $8.74 billion worth of Bitcoin to the Binance exchange, which increased the selling pressure. But now the table seems to have turned; There is a significant increase in the amount of Bitcoin withdrawn from the market.
Asian Market Sets the Agenda
The Korean premium, which tracks the difference between the price of Bitcoin in Korea and its global price, currently stands at 2.06. This indicates that Bitcoin is priced approximately 2 percent more expensively on Korean exchanges than the global average. According to analysts, this difference indicates strong interest from retail investors and traders in the region. On the other hand, the Coinbase premium on US-based exchanges remains slightly negative, indicating that spot demand in the US remains weak. According to the emerging picture, while purchases from Asia gain weight, US investors have a more cautious attitude.
Corporate Investments Continue
Bitcoin-focused exchange-traded funds (ETFs) in the US saw inflows of $258 million in the last 24 hours. This development suggests that although individual investors are largely on hold, institutional actors continue to take part in the market.
The Fundamentals of the Rally Look Strong
The combination of large-scale Bitcoin outflows from exchanges, capital inflows on the ETF side and vibrant demand in Asia creates the impression that the current recovery is not just a movement based on derivative transactions, but is driven by real buyer support.
CryptoQuant’s analysis included the assessment that the amount of Bitcoin withdrawn from stock exchanges by institutional investments shows that there is a concrete basis behind the rally.
However, from a technical perspective, it is observed that the market is still in a correction trend. Such rises can occur frequently during the bear season, and it is stated that a stronger return signal is needed to confirm the sustainability of the rise.
On a global scale, if investors in the US participate more effectively, new movements can be seen that could accelerate Bitcoin’s current rise. For now, the rise in prices is remarkable, driven by Asia.
