Bank of America analysts record a serious outflow of bitcoins from cryptocurrency exchanges to users’ wallets

Analysts at Bernstein Research believe that investors who prefer gold should take a closer look at the main crypto coin. The profitability of bitcoin in the near future will be higher.

In their report, experts note that there is still a lot of attention to gold, but interest in BTC, although increasing, is still relatively slow. And this despite the fact that bitcoin turned out to be the most profitable asset of this year.

“Despite the fact that bitcoin has grown by 71% since the beginning of January, few believe in a new bull cycle of the first cryptocurrency and new tops,” the researchers concluded.

Analysts believe that this is probably the so-called “fastest horse hatred syndrome” when investors are not sure of long-term significant returns.

“In our opinion, the love of gold and the simultaneous dislike of bitcoin are simply irrational, like hatred of the fastest horse,” experts say.

At the same time, BTC has repeatedly demonstrated more significant profits than gold. During the pandemic and further large-scale growth in the money supply, bitcoin’s performance was almost 3 times higher than that of gold.

This week, BTC broke the $30,000 mark for the first time since last June. The growth of the rate of the main crypto coin turned out to be above 80%, starting from December 31.

And Bank of America analysts recorded a serious outflow of bitcoins from cryptocurrency exchanges to users’ wallets. In the week leading up to April 4, $368 million in BTC was sent to wallets.

“Investors move tokens from exchange wallets to their personal wallets when they intend to hold BTC for a long time, indicating a possible decrease in selling pressure,” BofA analysts said.

In addition, investors’ anxiety about the actions of US regulators in relation to crypto exchanges could accelerate the outflow of funds from the platforms.