More than 15,000 BTC flowed out of exchanges in 24 hours, bullish sentiment heated up, and the price of Bitcoin broke through the high of nearly 3 weeks

Bitpush terminal data shows that Bitcoin rebounded to a three-week high. As of press time, Bitcoin rose to $42,670, up 4.3% in the past 24 hours.

After Bitcoin recently broke through the $40,000 mark and continued to rise, a large amount of Bitcoin was withdrawn from various crypto exchanges. According to data from crypto analytics firm IntoTheBlock, more than 15,000 BTC was found to have flowed out of exchanges on March 21, the largest outflow since January 29. The platform said that the last time BTC saw a large outflow, the price of Bitcoin rose sharply.

Crypto analysts often view Bitcoin outflows from exchanges as a sign that investors are not looking to sell in the short term, instead choosing to move coins into long-term custody or personal wallets, with higher outflows generally viewed as bullish.

Additionally, data from on-chain analytics platform Glassnode shows that approximately 61,000 Bitcoins have been withdrawn from exchanges in just 15 days.

Based on the Bitcoin price at press time, the value of Bitcoin leaving exchanges is approximately $2.6 billion. Specifically, before these 15 days, the number of Bitcoins on crypto exchanges was approximately 2.57 million, while at press time, exchange wallets hold nearly 2.51 million Bitcoins.

Purpose Bitcoin ETF Holdings Hit New High

As bullish sentiment on BTC grows, holdings of the Canadian Purpose Bitcoin exchange-traded fund (ETF) recently reached a new high of 34,850 BTC, breaking the previous all-time record of 34,760 BTC set on March 3, 2022.

U.S. stock markets also rebounded sharply on Tuesday, with the Nasdaq index rising 1.7% and the S&P 500 index rising 1%.

The impact of the Fed's aggressive rate hikes has also brought more uncertainty to the macro situation, and some analysts believe that it is too early to determine whether Bitcoin can continue to rise. Jason Deane, chief Bitcoin analyst at Quantum Economics, commented: "The price of Bitcoin is generally consistent with the major US stock indexes. Based on a combination of technical analysis and certain fundamentals, Crypto Twitter has been predicting an upward trend, but it is too early to say whether it will continue to rise."