Insights

Third biggest outflow of Bitcoin from exchanges this year – driven by whales

exchange681 week ago

0 0 1 minute read

Quick Take

Yesterday was volatile for Bitcoin — hitting $26,500 and $28,600 in one day.
The federal reserve raised 25bps, plus a conference with Powell that sent risk assets lower for the day.
However, we understand now that liquidations were the main driver behind the drop in price for Bitcoin.
While spot Bitcoin was bought from exchanges, roughly $360 million was the highest amount in USD this year.
The third most amount of Bitcoin in 2023 — driven by whales of outflows greater than $1 million

Net Transfer Volume BTC : (Source: Glassnode)

Net Transfer Volume USD : (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.