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According to a report from crypto news, major exchanges have seen outflows of around 16,500 BTC during the last week, which was valued at approximately $1 billion.

What that number means is not only a great quantity of Bitcoin but also a trend toward self custody or cold storage, where investors would rather hold their assets outside the reach of centralised entities.

The past week has seen the movement of upwards of over $1 billion in Bitcoin off centralised exchanges.

It has been a mass withdrawal, which the crypto community interpreted as a bullish signal.

According to a report from crypto.news, major exchanges have seen outflows of around 16,500 BTC during the last week, which was valued at approximately $1 billion.

What that number means is not only a great quantity of Bitcoin but also a trend toward self custody or cold storage, where investors would rather hold their assets outside the reach of centralised entities.

“You really have to pay attention to where that Bitcoin is flowing to develop a better analysis of what’s happening,” Brian Dixon, CEO of Off the Chain Capital told Aaron Arnold, co-host of Altcoin Daily on TheStreet Crypto.

“If it’s going into self-custody, I would view that as a bullish indicator.”

For most investors, self-custody suggests long-term holding of the asset. Others could be positioning for a price spike, maybe influenced by recent events like Bitcoin's halving, which in the past has preceded surges in price because of the decreased rate of new Bitcoin entering the market.

“It’s (self-custody) actually going to shrink supply.

That could create a narrative around scarcity,” stated Brian.

Bitcoin, over the course of the week, fell from about $64,100 to a low of $57,886 within the last week but has recovered a bit since, trading in a range of around $58,000 to $59,000 on Tuesday.