Nearly $1 Billion Worth of Bitcoin Withdrawn from Exchanges in 24 Hours
Nearly $1 billion worth of Bitcoin (BTC) has been withdrawn from cryptocurrency exchanges within the last 24 hours, as per data collected by blockchain analytics platform Glassnode. During this period, approximately $612.3 million worth of Bitcoin flowed into exchanges, while $1.5 billion was withdrawn, resulting in a net outflow of $936.5 million. This significant movement of Bitcoin off exchanges decreases the circulating supply available for trading.
Outflows for Ethereum and Tether as Well
Ethereum (ETH) also experienced notable outflows during the same timeframe. Around $356.9 million entered exchanges, while $544.6 million was withdrawn, leading to a net outflow of $187.7 million. Similarly, Tether’s USDT stablecoin had $418.1 million in inflows compared to $458.6 million in outflows, resulting in net outflows of -$40.5 million.
Interpreting Large Cryptocurrency Withdrawals
Large withdrawals of cryptocurrencies from exchanges are generally seen as a bullish sign since investors transfer their coins to private wallets for long-term holding purposes. This action helps lock up supply and reduces selling pressure on the market.
Bitcoin’s Current Price Trend
As of now, Bitcoin is trading slightly below $34,500 with a 0.35% gain over the past 24 hours. Over the last week, it has only declined by 0.2%, highlighting the struggle of the crypto market to establish a clear direction.
Hot Take: Investors Move Cryptocurrencies Off Exchanges Amid Market Uncertainty
Around $1 billion worth of Bitcoin has been withdrawn from exchanges, indicating a bullish sentiment among investors. By moving their coins to private wallets, they aim to hold them for the long term and reduce selling pressure. Ethereum and Tether also experienced outflows during the same period. This movement of cryptocurrencies off exchanges suggests that market participants are uncertain about the direction of the crypto market. While Bitcoin’s price remains relatively stable, the overall market struggles to find a clear trend. The coming days will be crucial in determining whether this withdrawal trend continues or if a new wave of buying or selling emerges.
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