Bank of America analysts have recently observed a noteworthy trend in the cryptocurrency market.
Over the last week leading up to April 4th, there has been a substantial outflow of bitcoins from crypto exchanges to users’ personal wallets, amounting to $368 million in total, according to a report by the bank’s specialists.
The movement of tokens from exchange wallets to personal wallets suggests that investors may be planning to hold onto their BTC for an extended period of time, potentially leading to a decrease in selling pressure.
This shift in behavior may be due in part to concerns about potential regulatory action on digital asset platforms in the United States, which could have driven users to move their bitcoins out of exchanges.
Despite this, Bitcoin’s price has continued to climb, surpassing $30,000 this week for the first time since June 2022.
Since the end of last year, the world’s first cryptocurrency has risen by more than 80%.
Interestingly, data from Ahrefs shows that U.S. internet users are currently more interested in learning about Bitcoin than in searching for information about controversial figures like former President Donald Trump or even cultural icons like Elvis Presley.
In fact, the on-demand cryptocurrency has even surpassed popular search topics such as politics, Coca-Cola, religion, donuts, alimony, and healthcare.