CryptoQuant "Cryptocurrency, Leaving Exchanges and Going to Personal Wallets... Possibility of Resurgence"

"Cryptocurrency towards personal wallets, about KRW 3.62 trillion"
"Large selling pressure through exchanges has decreased"

The on-chain analysis platform CryptoQuant, in a report released on the 22nd, pointed out the whereabouts of the cryptocurrency that has left the exchanges recently, and argued that the cryptocurrency market could rebound.

CryptoQuant pointed out that along with the recent decline in the cryptocurrency market, about USD 2.5 billion (approximately KRW 3.62 trillion) worth of cryptocurrency has moved from exchanges to personal wallets.

CryptoQuant emphasized that the movement of a large amount of cryptocurrency from exchanges to personal wallets is a positive trend for the market. In fact, the phenomenon of a large amount of cryptocurrency leaving exchanges and moving to personal wallets is generally interpreted as a signal of a bullish market. This is because the volume of cryptocurrency within the exchanges, which has the possibility of being sold, decreases, and the selling pressure in the market decreases.

Meanwhile, CryptoQuant cited the recent case of a BTC whale wallet transferring 9,900 BTC to the exchange as an on-chain movement that needs to be monitored. CryptoQuant pointed out that when whales transfer large volumes to exchanges, it often creates large price volatility in the market.

CryptoQuant emphasized that "tracking the flow of cryptocurrency on exchanges is a key way to measure market sentiment and price," and "a decrease in the volume of cryptocurrency accumulating on exchanges often leads to an increase in the price of cryptocurrency."

Reporter Seung-won Kwon ksw@blockstreet.co.kr