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Bitcoin Outflows Reached $368M in Second Week of April

It appears that Bitcoin has been showing resilience this year, with YTD gains of over 80% and surpassing major asset classes. According to Bank of America's strategists, a net outflow of $368 million of BTC was sent to personal wallets in the week through April 4, indicating a potential decrease in sell pressure. The trend of moving tokens from crypto platforms to personal wallets typically means that investors are looking to hold them. The BofA strategists also noted that concerns regarding the US regulatory crackdown on crypto exchanges may have contributed to the outflow.

Many analysts believe that Bitcoin's potential as a store of value is once again being highlighted, and some have even compared it favourably to gold. Robert F. Kennedy Jr, a Democratic presidential candidate in 2024, has expressed his support for Bitcoin, stating that it could grant individuals an "escape route" amid turmoil in the financial sector. However, there are also concerns about regulatory crackdowns and scrutiny from regulators, which could impact Bitcoin's growth and adoption. (cryptopotato)

Bitcoin Bitcoin $62,070.81
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