Bitcoin worth $1 billion leaves exchanges in two weeks, fuels bullish outlook on BTC

●Bitcoin worth $1 billion has been withdrawn from exchanges in the last two weeks. 

●The SEC asked for public feedback on Franklin Templeton’s Spot Bitcoin ETF, fueling anticipation of approval. 

●Analyst predicts Bitcoin price rally to its $41,000 target in December. 

Bitcoin price eyes a bullish breakout as BTC price hovers close to $38,000, early on Wednesday. Market participants anticipate a bunch of approvals on Spot Bitcoin ETFs, as the US Securities and Exchange Commission (SEC) asks for public feedback on Franklin Templeton’s ETF application. 

Bitcoin leaves exchanges in large volumes, SEC invites feedback on Franklin Templeton ETF

Based on data from crypto intelligence tracker, Glassnode, BTC tokens worth nearly $1 billion have been withdrawn from exchanges in the last two weeks.

Bitcoin balance on exchanges, Source: Glassnode

Willy Woo, an on-chain crypto analyst notes that Bitcoin flows have made a strong flip to moving off exchange platforms. Woo admits to having seen similar swings towards buying during previous market bottoms. 

Alongside Bitcoin outflow from exchanges, the SEC has asked for public feedback on whether to approve or disapprove Franklin Templeton’s spot Bitcoin ETF application. The regulator initially said it would take more time to make a decision, however the SEC has now changed its stance and seeks public opinion. This has fueled hopes of spot Bitcoin ETF approvals. 

Another catalyst supporting a bullish thesis for Bitcoin price is the rising exchange reserves of stablecoins. Analysts at Santiment note $15.23 billion in Tether is held in the top 10 USDT exchange wallets. This represents buying power and anticipation of demand for Bitcoin. 

Tether held by exchange wallets hits $15.23 billion, Source: Santiment.

Technical Analysis: Bitcoin price eyes $41,000 target in December

Pseudonymous crypto analyst, Crypto Faibik, evaluated the Bitcoin price trend and noted that the $38,000 resistance is weakening. Faibik anticipates an ascending triangle upside breakout. A successful bullish breakout could send Bitcoin to $41,000 in December.

BTC/USD 1-day chart, Source: TradingView.