Bank of America analysts have concluded that an increase in crypto outflows from exchanges and an increase in net inflows in stablecoins indicate bullish momentum in the market.
According to the bank's experts, a "decrease in seller pressure" is occurring with the transition of the initiative to buyers of digital assets. As a result, between June 29 and July 26, market capitalization increased by 11%, reducing the rate of decline since the beginning of the year to 56%.
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According to the report:
"Limited supply and continued outflows from exchanges indicate investors continue to hold positions amid a rally in risk assets."
Experts have pointed to the sustainability of the trend despite the Fed's key rate hike immediately by 0.75%.
According to analysts, the volume of Bitcoins withdrawn from crypto platforms to cold wallets has amounted to $508 million, while for Ethereum the figure stood at $381 million.