Analysis: U.S. BTC demand surges as long-term holders pull supply from exchanges

Bitcoin (BTC) is experiencing a strong resurgence in U.S. demand, Cointelegraph reported. Data from on-chain analytics platform CryptoQuant shows that the Coinbase Premium, often a key indicator of U.S. buying interest, has reached its highest level since Feb. 3, hitting $109.55. Additionally, 550,000 BTC have been withdrawn from exchanges since July 2024. Crypto analyst Crypto Dan suggests this behavior reflects a typical post-correction bullish cycle. Another analyst, Baykuş, notes that investors are steadily pulling BTC off exchanges, signaling strong conviction to hold rather than sell.