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Over 27,740 Bitcoin (BTC) worth $2.4 billion were withdrawn from exchanges on March 25, the highest daily outflow since July 31, 2024. Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue their inflow streak, suggesting that institutional demand is making a comeback.
Is the Bitcoin bull run about to resume?
Bitcoin exchange outflows hit 7-month high
Bitcoin is making another attempt at a technical breakout above $90,000 as supply on exchanges continues to decrease.
Bitcoin: Net flow to exchanges. Source: Glassnode
A closer look at the data reveals that a considerable chunk of these withdrawals was made by whales, or entities holding at least 1,000 BTC, who withdrew more than 11,574 BTC worth about $1 billion from exchanges on March 25.
Bitcoin whale withdrawal from exchanges. Source: Glassnode
High Bitcoin outflows from exchanges and whale withdrawals, in particular, reduce sell pressure, often signaling accumulation and bullish sentiment, which can drive prices up.
Related: Bitcoin, Ethereum to end Q1 in the red, ‘vertical swing up’ unlikely
Additionally, blockchain analytics firm Arkham Intelligence noted that a “billionaire Bitcoin whale” added 2,400 BTC worth over $200 million on March 24. Despite some selling in February, the whale now holds over 15,000 BTC.
The whale started acquiring Bitcoin five days ago after selling when Bitcoin’s price was between $100,000 and $86,000 in February. This may suggest that such large investors saw the recent lows as a buying opportunity in anticipation of higher prices.
Spot Bitcoin ETF flows take a “positive turn”
Another sign of major investors buying BTC again is the continuation of capital flows into spot Bitcoin exchange-traded funds (ETFs) since March 14. Spot Bitcoin ETFs have seen inflows for eight straight days, totaling $896.6 million.
“ETF's have taken a positive turn since March 14th, and so has $BTC and altcoins,” said market data provider Santiment.
As Cointelegraph reported, digital asset investment products have also recorded weekly net inflows for the first time in five weeks.
BTC price eyes key trend line to resume bull market
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD trading at $88,265, up 1.2% over the last 24 hours. BTC price faces overhead resistance from the 20-weekly exponential moving average (EMA), currently at $88,682.
Bitcoin price must flip this level into support to continue the bull run. The chart below shows that breaching the 20-weekly EMA has often preceded big rallies in Bitcoin price.
Note that when BTC price crossed above this moving average in October 2023, it rallied about 170% from $27,000 on Oct. 16, 2023, to set a new all-time high above $73,000 on March 14, 2024.
Similar price action occurred when the price rose above the 20-weekly EMA in September 2024, preceding a 77% rally from $60,000 to $108,000 in December 2024.
Analyst Decode stressed the importance of this trendline, saying that the moving average is the “most important level right now for Bitcoin.”
Meanwhile, co-founder of trading resource Material Indicators, Keith Alan, said that Bitcoin has to reclaim the 2025 yearly open at around $93,300 to confirm a path toward all-time highs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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