Bitcoin

USDC

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>A significant outflow of 44,808 BTC from Binance coincides with market downturn and allegations against the exchange.</li> 
 <li>Bitcoin ETFs experience negative net flow and widespread liquidations, raising concerns about BTC’s recovery.</li> 
</ul>  
<h2 id="binance-s-massive-bitcoin-outflow">Binance’s Massive Bitcoin Outflow</h2> 
<p>On the 28th of August, Bitcoin [BTC] faced declines across various markets, including spot trading and Bitcoin ETFs popular in the U.S. Markets. This downturn coincided with a massive outflow of 44,808 BTC, worth over $2.6 billion, withdrawn from <a href="https://coineagle.com/exchange/binance/">Binance</a> in the last 24 hours.</p> 
<p>This significant Bitcoin withdrawal came after allegations that Binance seized Palestinian assets at the request of Israeli authorities. Amid backlash, Binance quickly unfroze the accounts.</p> 
<p>This massive outflow of Bitcoin could potentially impact the price of BTC, causing it to go in either direction. The Bitcoin may be held for long-term gains, possibly driving the price higher. Alternatively, a large sell-off could lead to a price decline.</p> 
<h2 id="liquidations-and-negative-netflow-in-bitcoin-etfs">Liquidations and Negative NetFlow in Bitcoin ETFs</h2> 
<p>In addition to the Binance withdrawal, the past 24 hours have seen 66,423 traders liquidated, amounting to $161.12M. The largest single liquidation occurred on Bybit’s BTC/USD pair for $3.52 million, followed by a $12.67 million liquidation on Binance’s ETH/BTC pair the day before.</p> 
<p>These events have contributed to over $4.8 billion in liquidations for August 2024, the highest since 2021, with two days still remaining. As the market matures, participants are taking on larger leverage, leading to increased losses during strong market movements.</p> 
<p>The massive BTC withdrawal from Binance also affected ETFs, which saw a net outflow of $105.19 million on August 28th. Despite these negative events, there is hope that Bitcoin’s negative correlation with stablecoins could lead to a turnaround.</p> 
<p>The last 24 hours have seen over $67 million in USDC minted, $70M in USDC transferred to an unknown wallet and another $100 million USDT being transferred to Bitfinex. This influx of stablecoins into the market could inflate prices and potentially drive Bitcoin higher. With stablecoin graphs near all-time highs, a reversal for Bitcoin and other cryptocurrencies could be on the horizon.</p>

Controversy Sparks Massive Bitcoin Withdrawal: What’s Next for BTC?

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CoinEagle.com

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