Saturday, June 10, 2023
HomeCryptocurrencyCrypto Exchanges See Large Bitcoin Outflows

Crypto Exchanges See Large Bitcoin Outflows

Bitcoin BitcoinBitcoin, the first cryptocurrency in the world, was launched in… Read this. The term balance of the top cryptocurrency exchanges has dropped again following a short period of inflows over the past month. Glassnode’s latest data shows that Coinbase experienced massive BTC outflows in the past few days.

The total Bitcoin balance at digital exchange Coinbase is now around 700,000. BTC. This is its lowest level since December 2017. Coinbase saw a significant outflow of bitcoins after a period of modest BTC inflows since the May Sell-off. The total balance now stands at just over 700k BTC. “December 2017 was the last time Coinbase Bitcoin balance reached this level,” Glassnode stated.

Bitcoin’s price reached $50,000 today after an almost 6% jump in the past 24 hours. The cryptocurrency now trades at a market capital of $940 billion. The recent bullish rally in BTC can be attributed to a rise in Bitcoin exchange outflows.

Due to the decline in Bitcoin exchange supply ratio, the demand for the largest cryptocurrency in the world has increased significantly in the past 2 days. Large BTC addresses with 100 to 10,000 BTC have more that 40,000 coins in the past week.

Bitcoin addresses that are active

After the recent price rise of Bitcoin, the total number of active addresses for BTC has seen a sharp rise in the past few days. On-chain Analytics AnalyticsAnalytics can be described as the detection, analysis Read this Term platform. Santiment stated that Bitcoin’s long-awaited return of $50,000 is finally here, and comes with excellent on-chain support. On Wednesday, the number of active addresses reached its fourth highest level in four months. Meanwhile, token circulation hit its highest daily mark since July.

Bitcoin trades at $50,200. BTC’s crypto market dominance has risen by more than 22% in the past 24 hours. BTC now represents 44.8% of total crypto market capital, as opposed to 42.5% yesterday.


Most Popular