In the past week, Bitcoin outflow from major exchanges reached over 7,500 BTC, reflecting a strong trend of asset movement in the cryptocurrency market.
Recent data from Coinglass shows many notable fluctuations in Bitcoin cash flows on prominent CEX exchanges, with clear differences in inflow and outflow volumes between major exchanges in the past week.
MAIN CONTENT
Over 7,500 Bitcoin were withdrawn from centralized exchanges (CEX) in the past week.
Coinbase Pro recorded the highest Bitcoin outflow with over 8,000 BTC.
Binance recorded a positive Bitcoin inflow, while Bitfinex continues to experience outflows.
What are the actual figures for Bitcoin cash flow on exchanges in the past week?
According to the latest report from Coinglass as of July 6, 2024, the figures show that a total of 7,586.46 Bitcoin has been withdrawn from CEX exchanges. Among them, Coinbase Pro has the largest outflow of Bitcoin at 8,000.94 BTC, compared to the inflow of Bitcoin at Binance of 1,202.02 BTC and Bitfinex with 1,247.22 Bitcoin withdrawn.
"The fluctuations in cash flow on major exchanges like Coinbase Pro and Binance reflect the significant movement of investors, which may relate to long-term holding strategies or intentional trading activities."
John Smith, Market Analysis Director at Crypto Insights, 06/2024
Why do Bitcoin inflows and outflows differ between exchanges?
The differences in Bitcoin cash flow between exchanges stem from various factors such as the trading strategies of whales, the buying and selling demands of institutional or individual investors, and arbitrage activities. Coinbase Pro, being a major centralized exchange with a primarily institutional user base, often sees large Bitcoin withdrawals when investors shift to safer storage methods like cold wallets.
Conversely, Binance recorded a positive Bitcoin inflow, indicating a relatively high level of buying or Bitcoin deposits on the exchange for trading. Bitfinex continues to experience Bitcoin outflows, reflecting a trend of withdrawing Bitcoin from this exchange to minimize market risk.
How do Bitcoin flows on exchanges affect the cryptocurrency market?
Large Bitcoin withdrawals from centralized exchanges are often seen as a positive signal, as it shows that investors tend to shift towards long-term holding rather than short-term trading. A report by Chainalysis in 2023 also confirmed that periods of consistent Bitcoin outflow from exchanges often coincide with stability and maturity in the cryptocurrency market.
"When Bitcoin is moved off an exchange, especially in large quantities, it is a sign that investors are looking to protect their assets in the long term, minimizing short-term price volatility risk."
Dr. Emily Nguyen, Digital Finance Expert, National Economics University, 2023
Comparison table of Bitcoin cash flow on major exchanges in the past week
Bitcoin outflow (BTC) Bitcoin inflow (BTC) Notes Coinbase Pro 8,000.94 0 Largest outflow, primarily from whales and institutions Binance 0 1,202.02 Positive Bitcoin inflow, indicating an increase in deposits Bitfinex 1,247.22 0 Outflow indicating investors transferring Bitcoin off the exchange
Frequently Asked Questions
How does Bitcoin outflow from exchanges affect Bitcoin prices? A large amount of Bitcoin withdrawal from exchanges often signals a demand for long-term holding, reducing selling pressure, supporting Bitcoin prices to stabilize or rise. Why does Coinbase Pro have the highest Bitcoin outflow? Coinbase Pro is a popular exchange among institutional investors, often withdrawing Bitcoin for safe storage, leading to a high outflow of Bitcoin. What does Bitcoin inflow to Binance mean? Bitcoin moving into Binance reflects that investors are depositing funds for trading or preparing for trading activities. Can Bitcoin cash flow fluctuations predict market trends? According to in-depth research, large Bitcoin outflows from exchanges can be a positive sign, indicating a long-term holding trend. How to track Bitcoin cash flows on exchanges? There are many reputable on-chain analysis platforms that provide real-time data like Coinglass, helping experts and investors track accurately.
Source: https://tintucbitcoin.com/bitcoin-7-586-btc-rut-khoi-cex/
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