The increase in crypto money outflows from exchanges and the increase in net inflows to stable currencies indicate bullish momentum in the market. Decrypt writes that analysts at Bank of America came to this conclusion.

Experts noted that “pressure from sellers has eased” as the startup transitions to digital asset buyers. As a result, from June 29 to July 26, market capitalization increased by 11%, bringing the year-to-date decline rate to 56%.

“Limited supply and sustained exits from exchanges suggest that investors continue to hold positions during the rally in risky assets.” says report.

Experts drew attention to the sustainability of the trend despite the Fed’s immediate 0.75% increase in interest rates.

Analysts estimated the volume of bitcoin withdrawn from crypto platforms to cold wallets at ~$508 million, Ethereum at ~$381 million (data given from July 2 to August 1). The price of the first asset during this period increased by 19%, the second – by 56%.

In stable coins, the inputs and outputs have changed. The most notable increase in withdrawals to non-custodial wallets of $437 million occurred in late June – early July.

“Stable money outflows from exchanges to personal wallets occur when investors try to protect the dollar value of their holdings. This is usually true during periods when the prices of digital assets are falling. When investors want to broaden their risk appetite, they often try to use stablecoins to buy cryptocurrencies.”experts explained.

Recall that Glassnode doubts the continuation of the bitcoin recovery rally

Earlier, the organization’s experts warned that additional time would be needed to reverse the bitcoin price.

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