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Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges

Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges

Data via Glassnode

Bitfinex, Bithumb, and Crypto.com witnessed major inflows as Bitcoin reached new heights.

Quick Take

On Nov. 7, Bitcoin broke above $35,000, triggering substantial movement within crypto exchanges. Data from Glassnode showed it was one of the largest single-day inflows this year, with exchanges witnessing a total of $370 million in inflows. This indicates a significant spike in investors willing to trade or sell their Bitcoin holdings at this price point.

Exchange Netflow - All Exchanges: (Source: Glassnode)
Graph showing the net transfer volume to and from exchanges from April to November 2023 (Source: Glassnode)

Further analysis showed some exchanges saw more activity than others. Bitfinex recorded a substantial inflow of almost $160 million, the majority of it coming from a single large holder, or ‘whale’.

Exchange Netflow - Bitfinex: (Source: Glassnode)
Graph showing the net transfer volume to and from Bitfinex from April to November 2023 (Source: Glassnode)

Bithumb and Crypto.com also reported inflows of $40 million and $60 million, respectively, the latter again coming from a single large whale.

Exchange Netflow - Crypto.com: (Source: Glassnode)
Graph showing the net transfer volume to and from Crypto.com from April to November 2023 (Source: Glassnode)

The US-based exchange Coinbase saw a balanced movement with roughly $80 million each in inflows and outflows.

Interestingly, Poloniex saw an inflow of $20 million, marking its highest since May 22.

Exchange Netflow: (Source: Glassnode)
Graph showing the net transfer volume to and from Poloniex from November 2022 to November 2023 (Source: Glassnode)

Kraken experienced a balanced $60 million in both inflows and outflows. Despite the considerable outflows nearing $200 million the day was characterized by a net positive inflow.

Graph showing the net transfer volume to and from Kraken from April to November 2023 (Source: Glassnode)

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