Bitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors anticipate further bullish momentum.

According to data provided by IntoTheBlock, Bitcoin witnessed $1.29 billion in net outflows from centralized exchanges over the past week. This movement indicates increased accumulation as most on-chain signals appear bullish for the flagship cryptocurrency.

Most of the outflows, around 12,420 BTC, occurred on Sept. 10 when the asset’s price struggled below the $57,000 mark, based on ITB data. Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders began profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600.

Bitcoin experienced a large holder net outflow of 9,180 BTC on the same day, indicating a significant selloff by whales that sent the asset’s price below $60,000.

Expect lower price volatility

However, the trend shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB. The large holders’ net flows bounced back to the positive zone, with 3,240 BTC in net inflows yesterday.

Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap currently stands at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.

At this point, lower price volatility is expected for Bitcoin as the price consolidates near the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.

For more updates and the latest news in the world of cryptocurrencies, keep exploring Global Crypto News.

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