Bitcoin Saw Largest Ever Monthly Withdrawal From Exchanges In June

2022-7-6 22:00

Data shows Bitcoin saw the largest monthly outflow from exchanges in history this June as 151k BTC flew off centralized wallets.

Bitcoin Netflow Shows 151k BTC Exited Exchanges In June

As per the latest weekly report from Glassnode, BTC observed in June the largest ever monthly outflow from exchanges.

The “exchange net position change” is an indicator that measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges.

The metric’s value is simply calculated by subtracting the total outflows from the total inflows. So, when the value of the indicator is positive, it means there are more inflows right now.

Such a trend may be bearish for the price of BTC as investors usually deposit their coins to exchanges for selling purposes.

On the other hand, a negative value of the indicator implies a net amount of coins is exiting exchange wallets right now.

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This kind of trend, when prolonged, can prove to be bullish for the crypto’s value as it can be a sign of accumulation from investors.

Now, here is a chart that shows the trend in the Bitcoin exchange net position change over the past couple of years:

The value of the indicator seems to have been deep red in recent weeks | Source: Glassnode's The Week Onchain - Week 27, 2022

As you can see in the above graph, the value of the Bitcoin netflow seems to have been highly negative recently, suggesting a large amount of coins has exited exchanges.

In fact, over the last month, a record 151k BTC has flown out of exchange wallets. Just before these highest ever outflows, around 73k BTC was also deposited during the LUNA crash.

Related Reading | 3 Lessons From The Oslo Freedom Forum: Bitcoin As A Tool – Mallers, Roem, Fang

The outflows in June during such a bearish period as now are pretty contrasting with the May-June 2021 mini bear where monthly outflows clocked in 150k  BTC.

There could be a couple of reasons contributing to this trend. First, the Bitcoin market is moving towards a hodling mindset now.

And second, the recent events involving a lot of exchanges halting withdrawals on their platforms has lead to renewed attention towards self-custody of crypto.

Many investors are bound to be taking their coins off exchanges due to this fear and uncertainty right now, which would explain the unusually high outflows.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.4k, down 7% in the past week. The below chart shows the trend in the value of the crypto over the last five days.

Looks like Bitcoin is still consolidating | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com origin »

Bitcoin price in Telegram @btc_price_every_hour

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exchanges june monthly bitcoin largest btc 151k

Источник: bitcoinist.com

exchanges june → Результатов: 126


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