Bitcoin soars as exchange withdrawals dip: Further gains for BTC?

Bitcoin has experienced a notable price surge recently, sparking optimism among traders and holders. Despite this, withdrawals from exchanges were minimal, with only 10,000 BTC, valued at approximately $630 million, being withdrawn. This suggests a strong demand and potential resurgence of interest in the cryptocurrency market.

However, activity within the Bitcoin ecosystem has seen a decline, with fewer daily active addresses and a drop in NFT trading on the network. This decrease in activity could impact miners' profitability, leading to reduced selling pressure from them in the future. At the time of reporting, Bitcoin was trading close to its all-time high, with most holders seeing profits.