Cryptocurrency

Bitcoin

Impact

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Despite Bitcoin’s decline, a significant amount has been withdrawn from exchanges recently.</li>
 <li>Analysis shows many Bitcoin holders are currently experiencing losses.</li>
</ul>
<p>Despite the recent decline in <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>‘s value, there has been a considerable withdrawal from exchanges. This is surprising considering the substantial volume of Bitcoin reportedly sold off recently.</p>
<h2 id="bitcoin-netflow-shows-high-withdrawals">Bitcoin Netflow Shows High Withdrawals</h2>
<p>Bitcoin’s flow on exchanges has shown an interesting pattern. Analysis of the data on CryptoQuant revealed a greater outflow than inflow in recent days. The 5th of July was particularly significant, with a net outflow of over -68,500 BTC. This was the highest for the year, valued at approximately $3.8 billion based on that day’s exchange rate. The following day also recorded a substantial outflow, with over -12,550 BTC leaving exchanges.</p>
<p>This trend of Bitcoin being withdrawn from exchanges, particularly amidst a price decline, is noteworthy. Such movements could be interpreted as a bullish signal, suggesting that holders prefer to hold onto their assets rather than sell, even as Bitcoin breaks through support levels.</p>
<h2 id="bitcoin-sees-slight-improvement">Bitcoin Sees Slight Improvement</h2>
<p>As of now, BTC is trading at approximately $57,200, marking an increase of over 2%. This uptick followed a significant 4.10% decline in the previous trading session. Furthermore, the Relative Strength Index (RSI) was below 37, indicating that the asset remained in a strong bearish trend.</p>
<p>An analysis focusing on Bitcoin holders’ profitability indicates that many are currently experiencing losses. The Global In/Out of Money index revealed that approximately 5.43 million addresses, accounting for almost 64% of all holders, are holding Bitcoin at a loss. Conversely, about 2.87 million addresses, representing nearly 34% of holders, are profitable.</p>

Unprecedented $3.8B Bitcoin Withdrawal: Impact on Cryptocurrency Prices Explored

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Alte articole publicate pe 8 iul. 2024

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