$1.4B in Bitcoin & Ethereum Vanishes from Exchanges as Big Players Make a Comeback: IntoTheBlock Unveils Shocking Numbers

By Lola Coin Jun 27, 202358Views

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Analytics firm IntoTheBlock has reported that over $1.4 billion worth of Bitcoin (BTC) and Ethereum (ETH) has been withdrawn from crypto exchanges in recent weeks. The surge in net outflows is believed to be linked to BlackRock’s filing for a spot Bitcoin exchange-traded fund (ETF) and increased participation from traditional finance. IntoTheBlock also noted that large entities, or “whales,” who control at least 0.1% of Bitcoin’s supply, are accumulating the cryptocurrency at a high rate. These entities are not exchange-related as their netflows were negative, while the whales’ netflows were positive. At the time of writing, Bitcoin is trading at $30,459, while ETH is valued at $1,889.

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