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Tuesday, May 24, 2022

Bitcoin Outflows Surge To An Amount Of 100K BTC

The outflows of Bitcoin which stem from centralized exchanges have already reached their highest level annually- with around 40k BTC withdrawn. According to the Monday “The Week On-Chain” report by Glassnode, the outflows of this cryptocurrency have been speeding at a rate that exceeds 100,000 BTC per month for just the third time since 2019.

The provider of on-chain analytics has already estimated that just 13.2% of the circulating token currencies are currently held on the centralized exchanges- which is definitely a new low for 2021. The report further noted that this definitely represents a complete retracement of the significant inflow volume that has been observed during the sell-off in May. 

Bitcoin Outflows Exiting at an Accelerated Rate

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The number of Bitcoin outflows surged to a sum of 150,000 BTC at the end of April which followed the Black Thursday crash that was witness to the prices of cryptocurrency tumbling by around 50% in less than two days.

This came after Donald Trump, the President of the United States, announced a travel ban between the US and Europe with the coronavirus pandemic intensifying heavily. Despite this crash, the cryptocurrency did manage to rebound by 150% by the end of May 2020. 

The outflows of this cryptocurrency did manage to come close to around 150,000 BTC in the November of 2020. Bitcoin surged forward on its price of $20,000 with the cryptocurrency rallying forward to new all-time highs the next month itself.

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Glassnode did manage to note interesting divergent trends between Binance and Coinbase throughout most of the year, as Coinbase regularly experienced significant outflows whereas Binance was quite spectacularly the single largest recipient of BTC. 

However, it has been noted that the reserves of Binance are steadily dwindling, with around 37,500 Bitcoin tokens exiting the exchange over the previous week. 

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