Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges

2023-11-8 12:45

Quick Take

On Nov. 7, Bitcoin broke above $35,000, triggering substantial movement within crypto exchanges. Data from Glassnode showed it was one of the largest single-day inflows this year, with exchanges witnessing a total of $370 million in inflows. This indicates a significant spike in investors willing to trade or sell their Bitcoin holdings at this price point.

Graph showing the net transfer volume to and from exchanges from April to November 2023 (Source: Glassnode)

Further analysis showed some exchanges saw more activity than others. Bitfinex recorded a substantial inflow of almost $160 million, the majority of it coming from a single large holder, or ‘whale’.

Graph showing the net transfer volume to and from Bitfinex from April to November 2023 (Source: Glassnode)

Bithumb and Crypto.com also reported inflows of $40 million and $60 million, respectively, the latter again coming from a single large whale.

Graph showing the net transfer volume to and from Crypto.com from April to November 2023 (Source: Glassnode)

The US-based exchange Coinbase saw a balanced movement with roughly $80 million each in inflows and outflows.

Interestingly, Poloniex saw an inflow of $20 million, marking its highest since May 22.

Graph showing the net transfer volume to and from Poloniex from November 2022 to November 2023 (Source: Glassnode)

Kraken experienced a balanced $60 million in both inflows and outflows. Despite the considerable outflows nearing $200 million the day was characterized by a net positive inflow.

Graph showing the net transfer volume to and from Kraken from April to November 2023 (Source: Glassnode)

The post Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges appeared first on CryptoSlate.

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exchanges bitcoin inflows one glassnode showed largest

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exchanges bitcoin → Результатов: 126


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