Key Points
- Bitcoin withdrawals from exchanges have reached a total of $6.37 billion in the past 96 hours.
- Record high social media mentions of $100K Bitcoin suggest increasing investor confidence.
Bitcoin [BTC] is on the verge of reaching a six-figure valuation, and this rally may be further fueled by significant exchange withdrawals. A well-known analyst tweeted that about 65K BTC, valued at $6.37 billion, have been withdrawn from reserve exchanges.
This kind of substantial outflows typically indicates that holders are moving assets to cold wallets, which signals a decrease in selling pressure.
Bitcoin Withdrawals and Price Momentum
A supply squeeze on the exchanges often precedes bullish price actions. This is because lower availability can drive upward price momentum. For example, in previous BTC cycles, large exchange withdrawals have come before significant price rallies.
The ongoing outflows suggest increased investor confidence in the long-term price growth, especially as Bitcoin has reached an all-time high (ATH) of $99K.
Increasing Bitcoin Holders and Social Mentions
According to data analysis, the number of Bitcoin holders has also surged in the last 24 hours. This increase coincides with a surge in social media mentions of $100K Bitcoin on platforms such as X, Reddit, and Telegram. These discussions about BTC’s six-figure price have reached historically high levels.
The fear of missing out (FOMO) has intensified, with some traders expecting a rapid rise beyond $100K. Meanwhile, mentions of lower price ranges, such as $60K-$79K, reflect residual fear of a short-term correction.
Historically, Bitcoin’s price tends to surge after periods of heightened withdrawals and reduced exchange reserves. The next significant milestone would be the psychological barrier of $100K.
If this bullish momentum continues, it could strongly propel Bitcoin into new highs. However, the fear of corrections could trigger profit-taking at this key phase.