Crypto Exchanges See $2.68 Billion Outflows as Market Struggles
The post Crypto Exchanges See $2.68 Billion Outflows as Market Struggles appeared on BitcoinEthereumNews.com.
Public data from crypto exchanges indicates that capital has been flowing out of the market over the past month. This trend may affect the market’s short-term price momentum. Bitcoin may not see a breakthrough in October, but investor expectations for Q4 remain highly positive. Most Crypto Exchanges Record Outflow Defillama’s CEX Transparency data tracks inflows and outflows from public wallet addresses of various exchanges, allowing investors to monitor capital movements. The data shows that 9 out of 10 monitored exchanges have reported negative inflows in the past month. The total amount of funds flowing out of these 10 exchanges reached over $2.68 billion, including both altcoins and stablecoins. Read more: Top 9 Safest Crypto Exchanges in 2024 CEX Transparency. Source: DefiLlama By cross-referencing with Nansen’s data, one can evaluate how much stablecoin liquidity has exited the exchanges over the past month. The data indicates that the stablecoin balance on exchanges has sharply decreased from $38.5 billion to $35 billion, representing a $3.5 billion decline. Stablecoin Exchange Flow. Source: Nansen Thus, the majority of the outflow from exchanges in the past month consisted of stablecoins. Typically, stablecoins entering exchanges are seen as a sign of potential buying pressure. However, when stablecoins flow out, the market lacks the momentum for upward price movements, signaling that investors are not ready to add more to their portfolios. BlackRock Executes Second Major Outflow in 2024 BlackRock‘s total Bitcoin holdings have now exceeded 340,000 BTC. This giant’s actions are closely watched as they reflect the expectations of institutional investors. CryptoQuant data shows that an on-chain address linked to BlackRock’s ETF saw 256 BTC withdrawn, marking the second-largest withdrawal recorded. The chart illustrates that BlackRock’s accumulation has slowed compared to early 2024. Blackrock Balance Change. Souce: CryptoQuant BlackRock rarely withdraws, with the last major outflow occurring in…
Filed under: News - @ October 8, 2024 8:26 am