This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.

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

Roughly $350 million Bitcoin was withdrawn from exchanges yesterday, in USD terms this was the most this year.

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 BTC : (Source: Glassnode)
Net Transfer Volume USD : (Source: Glassnode)
Net Transfer Volume USD : (Source: Glassnode)