Analysts at Bank of America recorded a large-scale withdrawal of bitcoins from exchange purses.
The bank’s report noted that $368 million worth of cryptocurrency was sent to offline storage in early April during the week. The researchers noted that this month marked the second largest outflow of BTC from trading venues.
The authors of the report, Andrew Moos and Alkesh Shah, believe that in the coming months, most investors will switch to over-the-counter bitcoin storage. This is a signal that the trend will change soon and the BTC rally will resume.