Bitcoin (CRYPTO: BTC) on-chain data paints a rather bullish picture suggesting that yet another bull run may be incoming for the world's first cryptocurrency.
What Happened: Blockchain data firm IntoTheBlock said in a Tuesday tweet that Bitcoin saw over 15,000 BTC in outflow from cryptocurrency exchanges on Monday — for a market value of $631.3 million. The company said this is the largest such outflow reported by Bitcoin since Jan. 29 and added that "the last time BTC experienced a large outflow, it was followed by a significant rise in price."
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The report follows Malaysian Deputy Minister of Communications and Multimedia Zahidi Zainul suggesting the country should follow El Salvador's example and adopt Bitcoin as a legal tender.
Data cited by the same report shows that less than 14% of Salvadoran businesses used Bitcoin since its implementation and only 3.6% of the respondents said that Bitcoin resulted in an increase in sales.
BTC Price Action: As of press time, Bitcoin is trading at about $42,000 after seeing its price fall by over 1.85% over the last 24 hours.
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