Bank of America: Investors Withdrew Almost $400M in Bitcoin from Exchanges Earlier This Month

Bank of America analysts have recorded a large-scale exit of Bitcoins from exchange wallets, noting that in early April, $368 million worth of cryptocurrency was withdrawn in a week.

This is the second largest outflow of BTC from trading floors this month.

Strategists attribute the withdrawal of cryptocurrency from the trading floors to the tightening of the policy of the US authorities, who began to closely monitor the activities of bitcoin exchanges, with Coinbase and Binance being the first to come under control.

This shift of coins from exchange addresses to personal wallets is a signal of an impending trend change and the potential resumption of the BTC rally.

Bitcoin strengthened by the end of the week to over $30K and its capitalization grew to $585.462 billion.