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Despite the price falling since last summer, fiat withdrawals from bitcoin have fallen sharply. This may prove to be very positive for the cryptocurrency's price trend.
Yesterday, reports appeared about how the inflow of fiat currencies into bitcoin has not gone up as much as some analysts have hoped for. This could have a negative impact on cryptocurrency prices.
However, another indicator that is usually seen as important for bitcoin’s price development looks really good, Coindesk reports.
It’s the number of cryptocurrencies that are switched back to fiat currencies and thus taken out by investors.
A new report from analysis company Glassnode shows how the number of withdrawals made each week on the world’s crypto exchanges has dropped dramatically.
In June last year, an average of about 59,000 withdrawals per week was made. This number has dropped steadily since then. On Tuesday, when the report was released, the number stood at just over 27,000.
What is striking about this is that the number of withdrawals dropped even as bitcoin lost more than half its value between July and December. In January, the number of fiat withdrawals was also lower than they have been in three years.
These two things indicate that investors believe in bitcoin in the long run, despite the price movements being large, Coindesk writes.
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