On August 5, 2024, Bitcoin experienced one of its largest weekly declines, dropping from over $64,000 to $48,000. However, significant recovery efforts have pushed its price back to approximately $60,400.
In a notable trend, over 28,000 BTC, valued at more than $1.7 billion, were withdrawn from cryptocurrency exchanges in the past week, marking the largest outflow in 2024 thus far.
This movement indicates a shift in investor sentiment, with large investors potentially accumulating more Bitcoin, suggesting confidence in its long-term value. The decline in Bitcoin's availability on exchanges could lead to a supply crunch, potentially driving prices higher.
Currently, Bitcoin is down 1% in the last 24 hours and over 3% for the week.