Crypto ecosystem analysts consider that a significant withdrawal of BTC from crypto exchanges is driving this latest upward movement.
In the rest of the market, widespread increases are observed among the main ‘altcoins’ such as XRP, SOL, ADA or DOGE.
The market of cryptocurrencies opts for increases to close the week. Bitcoin (BTC) climbs to $38,500, while Ethereum (ETH) rises around 3% in the last 24 hours and is approaching $2,100. The queen cryptocurrency reaches briefly the 38,800 dollars for the first time since May 2022.
According to experts, a significant withdrawal of BTC from crypto exchanges is driving this latest upward movement. Specifically, Glassnode estimates that around 37,000 BTC valued at $1.4 billion have been withdrawn from the main exchanges since November 17. These withdrawal movements from crypto exchanges and preference for self-custody usually indicate that there is a widespread belief that prices will rebound strongly, while these withdrawals help reduce the available supply.
Market watchers believe this not only reflects growing optimism surrounding the approval of spot exchange-traded funds (ETFs), but also some distrust following the sanction imposed on Binance and its former advisor. delegate, Changpeng Zhao. Regarding ETFs, it should be noted that the total number of applicants increased to 13 after the Swiss manager Pando Asset requested the creation of an exchange-traded fund of these characteristics.
Cryptocurrencies: the data analyzed by the market
Likewise, experts point out that the latest statements by Christopher Waller, an important member of the Federal Reserve (Fed), who assured that the monetary policy of the US central bank is well placed to achieve the inflation objective, could confirm the cut. interest rates expected by the market. “It is plausible to believe that we have reached the peak of this tightening cycle. For risk assets to achieve sustained supply we will need to see a path forward with lower rates and an end to quantitative tightening,” say TradeStation strategists.
On the other hand, it is worth noting that the BTC BITO futures ETF, managed by ProShares, reached a record of 1.47 billion in assets under management yesterday. In turn, the Delaware Bankruptcy Court authorized the new management of FTX to liquidate trust assets valued at approximately $800 million to settle the debts of the bankrupt crypto exchange. Additionally, the US Treasury has asked Congress to approve extraordinary measures to pursue fraudulent companies in the crypto sphere.
In the rest of the market, widespread increases are observed among the main ‘altcoins’ such as XRP, SOL, ADA or DOGE.
Source: Ambito
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