$1.2 Billion BTC Outs On Coinbase In One Day!
According to CryptoQuant, a significant outflow of 30,000 BTC was recorded on Friday on the US-based cryptocurrency exchange Coinbase . Looking at the weekly net flows, according to Glassnode data, a total of 6.5 billion dollars BTC outflow was realized in the weekly time frame in crypto money exchanges. Citing current data, CryptoQuant CEO argued that the BTC outflow points to institutional demand.
Weekly BTC Entries and Exits on Exchanges
According to CryptoQuant, the US-based cryptocurrency exchange Coinbase recorded an outflow of 30,000 BTC with an average value of $ 1.2 billion at current prices on Friday last week . Ki-Young, CEO of CryptoQuant, drew attention to the 30,000 BTC outflow seen in Coinbase in his post on his Twitter account, arguing that the data points to an institutional demand and stated that a story can be written again in the crypto money market. Glassnode Alert also drew attention to the weekly entries and exits with its Twitter account. In the weekly time frame, $5.2 billion worth of BTC inflows were recorded on the exchanges, while $6.5 billion BTC left the exchanges. Thus, net flow in the weekly timeframe was minus $1.4 billion.
A recent Santiment report also stated that despite the bearish momentum of the leading cryptocurrency Bitcoin since April, whale activity has increased significantly in this time frame and whales have recorded significant increases in BTC accumulation.
Cryptocurrency Market Falls
The leading cryptocurrency Bitcoin (BTC) accelerated its value losses in the first hours of the day and fell below $ 40,000 again. The cryptocurrency market has gained a downward momentum with this depreciation in Bitcoin. Ethereum (ETH) started trading at the $2,900 price levels after its recent bearish moves. The total market cap of cryptocurrencies has dropped to $1.8 trillion, according to CoinMarketCap data. According to Coinglass data, a total of $225 million worth of short and long positions were liquidated in the cryptocurrency market in the last 24 hours.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.