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Bitcoin (BTC) Worth $1.52 Billion Outflows Crypto Exchanges

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Bitcoin (BTC) price crossed the 20,000 level and hit a high of $20.9,000, but lost its previous gains on fears of inflation and recession as the ECB hiked interest rates by 75 bps.But Bitcoin recorded the largest net outflow from crypto exchange Over the past six months, over 70,000 BTC worth $1.52 billion have left the exchange. BTC’s price is currently trading at $20,150, down 3% in the last 24 hours.

Bitcoin records largest net outflow from crypto exchange

according to IntoTheBlock dataBitcoin’s price climbed above $20,000 on Thursday following a massive outflow recorded from a crypto exchange. Over 70,000 Bitcoins$1.52 billion exited the exchange on October 26th, the largest net outflow in six months.

Bitcoin (BTC) crypto exchange outflow. Source: IntoTheBlock

CoinGape previously reported Large amounts of Bitcoin (BTC) movement by whalesIn fact, the whale has moved over 15,000 bitcoins, pushing the BTC price above $20,000.

up to date santiment data Bitcoin whales are back, showing they are ready to push the price up and go higher for a long time bear marketThe data also reveals that whales and big investors actually hold money in US and global treasuries.

Market Cap of Bitcoin and Stablecoins
Bitcoin and stablecoin market capitalization.Source: Santimento

Large institutional investors and large whale addresses (blue line) have sold their BTC holdings since last November. A decline in the combined market cap of USDT and USDC (yellow) shows that large investors and whales are moving funds out of stablecoins. Therefore, the increase in stablecoin market cap justifies a bottom for Bitcoin. However, cryptocurrency prices are likely to rise despite a significant increase in whale supply.

Macroeconomic factors affecting price increases

The broader cryptocurrency market, which includes Bitcoin and Ethereum, has seen a significant recovery over the past two days, but macros are still putting pressure on cryptocurrencies.of ECB raised interest rates yesterday Crypto markets reversed their gains amid volatility with another 75 bps gain despite fears of a recession.

America federal reserve system The FOMC is scheduled to raise interest rates on November 2nd. CME FedWatch Tool indicates an 86.5% probability of a 75 bps rate hike. A week ago the probability was 95%.

Varinder is a technical writer and editor, tech enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge on blockchain, cryptocurrencies, artificial intelligence and the Internet of Things. He has been in the blockchain and cryptocurrency industry for quite some time and currently covers all the latest updates and developments in the crypto industry.

The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.

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