Bitcoin

Glassnode: July 8, outflow from exchanges rose to 20,660 BTC

bitcoin-flow-

July 8 was marked by a record outflow of bitcoins from cryptocurrency exchanges. During the day, users withdrew from the trading floors 20 660 BTC more than they contributed.

According to statistics from Glassnode, on July 8, users withdrew 20,660 BTC from cryptocurrency exchanges more than they deposited into their accounts. This is the largest daily outflow of BTC from exchanges in 2020.
 

Typically, this behavior of traders precedes the start of a “bullish” trend. In a similar way, investors behaved in front of the Bitcoin halving in May – then Glassnode reported that investors were starting to accumulate BTC in personal wallets in anticipation of halving and the expected growth rate.

btc_exchange.png

It is noteworthy that most of the coins were withdrawn from the Coinbase exchange. Despite the large outflow of BTC from the exchange, Coinbase fixed almost a thousand more inbound transactions than outbound ones. Since in general more BTC was withdrawn than contributed, this means that the average withdrawal amount was higher than the average deposit amount. This can be explained by the withdrawal of a large amount of BTC by one or more customers.

btc_coinbase.png

Recall that in June, trading volumes on cryptocurrency exchanges significantly decreased in parallel with the decrease in bitcoin volatility to the minimum values for the year. In general, June was far from the most successful month for the cryptocurrency industry. According to The Block, cryptocurrency trading volumes decreased, and the web traffic of trading floors decreased by 14%.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts
Bitcoin

After Previous Negative Statements, Norwegian Billionaire Invests In Bitcoin

BitcoinCryptocurrencyEthereum

Bitcoin Recovers $56,000: ETH Recovers $1,700 (Observed Over The Weekend)

Bitcoin

Bitcoin Sets Fresh Record Above $50,000

BitcoinMining

BTC miners earned more than $ 4 million per hour amid growing fees and BTC rate

Sign up for our newsletter and stay informed

0 0 votes
Page Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
USD
0
Would love your thoughts, please comment.x
()
x