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Nearly $1 billion worth of Bitcoin (BTC) was withdrawn from cryptocurrency exchanges in the last 24 hours, according to <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=transactions.TransfersVolumeExchangesNet&amp;pScl=log" target="_blank" rel="noopener">data</a> gathered on from blockchain analytics platform Glassnode. 
Over the last 24 hours, approximately $612.3 million worth of Bitcoin flowed into exchanges while $1.5 billion was withdrawn, resulting in a net outflow of $936.5 million. This massive movement of Bitcoin off exchanges reduces the circulating supply available for trading. 
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Ethereum (ETH) also saw significant outflows during the same period. Around $356.9 million entered exchanges while $544.6 million was withdrawn, for a net outflow of $187.7 million. Similarly, Tether’s USDT stablecoin had $418.1 million in inflows compared to $458.6 million in outflows, totaling -$40.5 million in net outflows. 
Large cryptocurrency withdrawals from exchanges are typically interpreted as a bullish sign, as investors transfer coins to private wallets for longer-term holding. This locks up supply and decreases selling pressure. 
At the time of writing, Bitcoin is trading just under $34,500, having gained 0.35% over the last 24 hours. To further cement the current sideways price trend, Bitcoin is down by just 0.2% over the last week as the crypto market struggles to find a clear direction. 
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Nearly $1b of Bitcoin leaves exchanges in 24 hours

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