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The previous two occasions when exchanges saw similar USDT outflows earlier this year occurred near local tops in bitcoin's price, IntoTheBlock analysts noted.

The 10 spot bitcoin ETFs on Monday experienced their first net inflows in one week, helping to send the price of bitcoin to its highest level since the day after the funds began trading.

All we would say here is not to fight this emerging dollar uptrend, ING said.

Bitcoin's year-to-date return to volatility ratio is significantly lower than gold, according to analysis by Goldman Sachs.

“The new inflow of cash could indirectly push up the price of bitcoin, particularly in the long term perspective,” one analyst said.

Strong net flows into bitcoin exchange-traded funds indicate robust institutional demand as BTC dominance rise further at the expense of ether, one trader noted.

The Royal Government of Bhutan recently deposited almost 1,000 BTC into a Binance deposit address. It holds some $900 million of the asset.