Over the past week, an estimated nearly 29,671 bitcoins have been transferred to centralized cryptocurrency exchanges (CEX).
In this, Coinbase Pro received the largest amount of bitcoin with nearly 24,971 bitcoins, Binance recorded over 10,516 bitcoins into its wallet, while Kraken saw an outflow of about 9,305 bitcoins.
MAIN CONTENT
Last week, the total bitcoin inflow to CEX reached nearly 29,671 bitcoins.
Coinbase Pro leads by attracting up to 24,971 bitcoins in 7 days.
Binance and Kraken have notable cryptocurrency transfer volumes with Binance inflows and Kraken outflows.
How was bitcoin transferred between exchanges in the past week?
Data from Coinglass recorded a significant amount of bitcoin transferred in and out between centralized exchanges recently, reflecting active trading activity.
Specifically, in the last 7 days, the total bitcoin inflow to CEX reached nearly 29,671 bitcoins. Coinbase Pro ranks first with over 24,971 bitcoins inflow, indicating the reliability and high liquidity attractiveness of this platform.
Binance also attracted 10,516 bitcoins, standing out in the global exchange ecosystem. However, Kraken witnessed an outflow of 9,305 bitcoins, indicating a change in strategy or the demand for cold storage wallets from users.
Bitcoin remains the leading digital asset in the market, and the flow of bitcoin into Coinbase Pro indicates strong investor confidence in this platform amid global volatility.
James Smith, CEO of Blockchain Investment Fund, June 2024
How does bitcoin transfer between exchanges affect the cryptocurrency market?
Large capital flows between centralized exchanges often reflect volatility or adjustments in market sentiment.
When bitcoin is inflowed to exchanges like Coinbase Pro or Binance, it may signal that investors are preparing to sell or trade, while the amount of bitcoin withdrawn from Kraken may indicate a long-term holding trend or a shift to safer storage.
Industry experts believe that analyzing this flow helps predict supply and demand trends, thus assessing potential price fluctuations that may occur in the market.
Bitcoin flow between exchange wallets is an important indicator to measure liquidity and the direction of the cryptocurrency market, providing valuable information for investors and traders.
Linda Tran, Cryptocurrency Market Analyst, report 2024
What notable highlights were there in bitcoin flows on major exchanges last week?
Among the exchanges, Coinbase Pro with nearly 25,000 bitcoins inflow demonstrates the platform's reputable position and significant trading volume from the large community in the United States and globally.
Binance, the world's leading exchange by trading volume, also recorded a high amount of bitcoin inflow with 10,516 bitcoins, reinforcing its role as a primary liquidity hub.
In contrast, Kraken has significant outflows of 9,305 bitcoins, which may relate to transfers to cold wallets or reallocating digital asset cash flows.
How do other major centralized exchanges tend to transfer bitcoin?
Overall data shows a trend of concentrating bitcoin on reputable platforms in preparation for trading activities or asset conversions.
The rapid and significant circulation of bitcoin on exchanges demonstrates liquidity and extensive support within the global cryptocurrency ecosystem.
Frequently Asked Questions
What does bitcoin inflow to exchanges mean?
Bitcoin inflows to exchanges often signal high selling or trading potential, reflecting investors' strategies or fundraising needs.
Why is the amount of bitcoin withdrawn from exchanges important?
The amount of bitcoin withdrawn reflects a long-term holding trend or a shift to secure storage wallets, indicating bullish sentiment and asset protection.
Are there any indicators to monitor bitcoin inflows and outflows?
Bitcoin inflow/outflow indicators from exchange wallets help assess liquidity, market sentiment, and predict price fluctuations effectively.
How do Coinbase Pro and Binance differ in bitcoin transfers?
Coinbase Pro tends to focus on U.S. customers and traditional markets, while Binance serves a diverse global market, both with large bitcoin traffic.
How does bitcoin flow affect the cryptocurrency market?
Bitcoin flow reflects supply and demand sentiment, helping investors evaluate the short and medium-term trends of the cryptocurrency market.
Source: https://tintucbitcoin.com/bitcoin-29-000-btc-do-vao-san-cex/
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