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Hundreds of millions of dollars worth of Bitcoin continues to be withdrawn from centralized exchanges. At the same time, stablecoins are registering a steady influx, which could be a good sign.
According to Glassnode, over the past 24 hours, the equivalent of $265.6 million worth of Bitcoin has been withdrawn from centralized exchanges and $222.5 million worth of Bitcoin has been deposited. The net outflow was $43.1 million. This has become another day in the ongoing stream of BTC withdrawals from exchanges and transfers to decentralized solutions. Such a phenomenon may be a continuation of the crisis that began with the collapse of FTX, but may also indicate preparations for a bullish movement in the crypto market.
The data also showed that centralized exchanges are seeing consistently positive net inflows of stablecoins, namely USDT. This can often indicate that investors are getting ready to buy, which can mean a change in the market trend. Over the past 24 hours, USDT worth $270.8 million was entered on exchanges, and $213.3 million worth was withdrawn. Net inflow was $57.5 million. In addition, an Ethereum inflow worth $1.8 million was registered.
📊 Daily On-Chain Exchange Flow#Bitcoin $BTC— glassnode alerts (@glassnodealerts) December 27, 2022
➡️ $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
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.