Bitcoin Worth Hundreds of Millions of Dollars Keeps Outflowing from Exchanges

According to Glassnode, the equivalent of $265.6 million worth of Bitcoin has been withdrawn from centralized exchanges in the past 24 hours, with a net outflow of $43.1 million.

📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $222.5M in
⬅️ $265.6M out
📉 Net flow: -$43.1M#Ethereum $ETH
➡️ $104.8M in
⬅️ $103.0M out
📈 Net flow: +$1.8M#Tether (ERC20) $USDT
➡️ $270.8M in
⬅️ $213.3M out
📈 Net flow: +$57.5Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) December 27, 2022

At the same time, yesterday was just another day in an ongoing stream of BTC withdrawals from exchanges and transfers to decentralized solutions. Whether the outflow of Bitcoin from exchanges is a continuation of the FTX crisis or preparation for bullish movement in the crypto market is a question worth considering.

What are the talking points?

In favor of the first thesis is data from the same source, according to which a month and a half after the collapse of the “pyramid exchange,” the weekly number of withdrawals from the exchange reached its 30-day minimum. The number of addresses of BTC recipients from exchanges reached the same extreme. That is, to some extent, the second stage of escape from centralized exchanges passed.

📉 #Bitcoin $BTC Number of Exchange Withdrawals (7d MA) just reached a 1-month low of 2,191.583

View metric:https://t.co/QyB7zouWee pic.twitter.com/LCVlwnmRJs

— glassnode alerts (@glassnodealerts) December 27, 2022

On the other hand, the possibility of a greening of the crypto market fields, heavily fertilized with blood over the last year, is evidenced by the consistently positive net inflow of stablecoins represented by USDT on centralized platforms. At the same time, the USDT.D dominance index continues to consolidate near its historic highs.

The crypto market seems to be frozen in anticipation, but with all key indicators hitting either highs or lows, the direction of its future movement should soon be determined.