Bitcoin Slips After $88K Surge as Exchange Data Hints at Bull Run

Bitcoin's recent surge to $88,000 has been followed by a 3% drop over the past 24 hours. However, exchange data suggests that this could be a temporary setback for the cryptocurrency.

A recent analysis by CryptoQuant found that Bitcoin withdrawal patterns at exchanges have been increasing since February 6. Historically, this trend has correlated with rising asset prices and investor confidence.

The analysis also highlighted the importance of net flow in exchange data, where withdrawals exceeding deposits signal increased investor confidence and potential price increases.

Additionally, institutional interest remains a significant factor in Bitcoin's price performance. US-based spot Bitcoin exchange-traded funds (ETFs) have seen continued positive inflows over the past 10 days, with Fidelity's FBTC leading the way.