No, Bitcoin withdrawals from exchanges usually are not inherently bullish for crypto By Cointelegraph

Crypto analysts on X (the social media platform previously referred to as Twitter) and in YouTube interviews have been abuzz with speak concerning the pattern of leaving centralized exchanges.

On Aug. 29, the amount of Bitcoin (BTC) held inside exchanges noticed a decline, reaching its lowest level since January 2018. Whereas numerous components may underlie this motion, specialists analyzing blockchain information typically interpret the shift as a optimistic indicator. Merchants at the moment are questioning what might need been inflicting Bitcoin’s incapability to interrupt above $31,000 since this worth motion doesn’t align with their view that fewer cash on exchanges is bullish for the BTC worth.