Bitcoin’s on-chain activity reveals signs of a potential imminent rally. This trend is evidenced by a record outflow of 28,000 BTC from exchanges, corresponding to around US$1.19 billion. This phenomenon, recorded last Wednesday, marks the largest withdrawal since December 14, 2022, according to data provided by Glassnode.

Such a move by investors to remove Bitcoin from exchanges signals a long-term perspective in maintaining their assets. Interestingly, Coinbase, one of the leading exchanges, recorded a notable outflow of 18,000 BTC. This has fueled speculation about growing institutional investments and rumors of an imminent ETF launch.

A detail that draws attention is the lowest level of BTC in exchange portfolios since April 2018, an indication of a reduction in supply pressure and the possibility of price appreciation. Bitcoin currently trades at $42,900, representing a staggering 160% year-to-date increase.

In addition to these optimistic indicators, a crucial event in the crypto market is approaching: on December 29, a large volume of Bitcoin options contracts, estimated at over 178,000 Bitcoins and valued at approximately $7.6 billion, on Deribit alone , is predicted to win. This maturity is one of the biggest events of the year in this segment, as commented by Greeks Live, highlighting that the total value of US$ 11 billion surpasses the mark at the end of last year of US$ 9.8 billion. This milestone could generate significant movements in the market.

The put/call ratio on Deribit suggests a predominant bullish sentiment, with price changes pending in relation to Bitcoin surpassing key price points. This maturity occurs at a time of increasing maturity in the cryptocurrency derivatives market, attracting more institutional investors and reflecting the evolutionary dynamics of the sector.

At the time of publication, the price of BTC was quoted at US$42,988.71, up 0.8% in the last 24 hours.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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