Bitcoin

April

<h2 id="quick-take">Quick Take</h2>
On Nov. 7, <a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> 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.
<figure id="attachment_372072" aria-describedby="caption-attachment-372072" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-372072" class="wp-caption-text">
 Graph showing the net transfer volume to and from exchanges from April to November 2023 (Source: <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=transactions.TransfersVolumeExchangesNetBySize&amp;s=1683707857&amp;u=1699436257&amp;zoom=182" rel="noopener noreferrer nofollow">Glassnode</a>)
 </figcaption>
</figure>
Further analysis showed some exchanges saw more activity than others. <a href="https://cryptoslate.com/companies/bitfinex/" rel="noopener noreferrer nofollow">Bitfinex</a> recorded a substantial inflow of almost $160 million, the majority of it coming from a single large holder, or ‘whale’.
<figure id="attachment_372066" aria-describedby="caption-attachment-372066" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-372066 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/BIT-1.png" alt="Exchange Netflow - Bitfinex: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/BIT-1.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/BIT-1-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/BIT-1-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/BIT-1-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/BIT-1-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-372066" class="wp-caption-text">
 Graph showing the net transfer volume to and from Bitfinex from April to November 2023 (Source: Glassnode)
 </figcaption>
</figure>
<a href="https://cryptoslate.com/companies/bithumb/" rel="noopener noreferrer nofollow">Bithumb</a> and <a href="https://cryptoslate.com/companies/crypto-com/" rel="noopener noreferrer nofollow">Crypto.com</a> also reported inflows of $40 million and $60 million, respectively, the latter again coming from a single large whale.
<figure id="attachment_372067" aria-describedby="caption-attachment-372067" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-372067 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/crypto.png" alt="Exchange Netflow - Crypto.com: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/crypto.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/crypto-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/crypto-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/crypto-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/crypto-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-372067" class="wp-caption-text">
 Graph showing the net transfer volume to and from Crypto.com from April to November 2023 (Source: Glassnode)
 </figcaption>
</figure>
The US-based exchange <a href="https://cryptoslate.com/companies/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a> saw a balanced movement with roughly $80 million each in inflows and outflows.
Interestingly, <a href="https://cryptoslate.com/companies/poloniex/" rel="noopener noreferrer nofollow">Poloniex</a> saw an inflow of $20 million, marking its highest since May 22.
<figure id="attachment_372065" aria-describedby="caption-attachment-372065" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-372065 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/poloneix.png" alt="Exchange Netflow: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/poloneix.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/poloneix-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/poloneix-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/poloneix-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/poloneix-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-372065" class="wp-caption-text">
 Graph showing the net transfer volume to and from Poloniex from November 2022 to November 2023 (Source: Glassnode)
 </figcaption>
</figure>
<a href="https://cryptoslate.com/companies/kraken/" rel="noopener noreferrer nofollow">Kraken</a> 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.
<figure id="attachment_372070" aria-describedby="caption-attachment-372070" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-372070 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/kraken.png" alt="" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/kraken.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/kraken-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/kraken-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/kraken-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/kraken-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-372070" class="wp-caption-text">
 Graph showing the net transfer volume to and from Kraken from April to November 2023 (Source: Glassnode)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bitcoins-surge-past-35000-sparks-massive-370m-inflow-to-exchanges/">Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

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

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