Bitcoin Experiences Record Outflow of $2 Billion: What Does This Mean for the Market?
Bitcoin exchanges observed a nearly record-breaking outflow of $2.3 billion, nearing the highest withdrawal rates ever seen in its history.Investors are withdrawing $2 billion worth of Bitcoin from exchanges, nearing a record high.
Hongji Feng Last updated: March 4, 2024 00:37 EST | 1 min read
Bitcoin is witnessing a significant movement, with exchanges experiencing a near-record outflow of over $2 billion.
According to a post by James Van Straten on X (formerly known as Twitter), the statistics from the on-chain analytics firm Glassnode showed that the Bitcoin market saw a notable exodus on March 1, with exchanges seeing around $2.3 billion in withdrawals.
👉 Check out the tweet here
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One of the Largest Withdrawals Near Record
This recent movement challenges the previous records observed in 2021 when critical withdrawals similarly signaled a shift in the market. In comparison, the daily outflows around the end of June 2021 were among the highest recorded.
“I don’t think I’ve quite seen anything like this before,” said Van Straten.
As of March 2, Glassnode reported that the total Bitcoin held on major exchanges has fallen to 2,286,347 BTC, valued at approximately $142.5 billion. This marked the lowest level of Bitcoin assets on exchanges since March 2018.
“Binance saw about $400M, and seen fairly big outflows for the past few days. Coinbase saw the rest,” said Van Straten. “Binance outflows are the interesting ones because they have nothing to do with the ETF.”
The post also included a screenshot of the most considerable transactions on Binance.
👉 View the transactions here
“These are $50M+ outflows from Binance,” said the post. “But most of the transactions are $10M+ too many to screenshot.”
Bitcoin Price Briefly Touching $64,000
CoinMarketCap shows that Bitcoin is trading at $63,632 at the time of writing, 2.54% up from 24 hours ago. More importantly, Bitcoin price briefly touched the $64,000 level, reaching as high as $64,163 before falling to the $62,000 mark again.
In addition, the consolidation above $62,000 has already made 99% of the addresses profitable. Bitcoin analyst PlanB suggested that the crypto is entering an explosive bullish market with a 10-month surge powered by the fear of missing out (FOMO).
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Q&A Content
Q: What does the record outflow of $2 billion indicate for the Bitcoin market?
A: The record outflow of $2 billion suggests a significant movement in the Bitcoin market. It indicates that investors are withdrawing their Bitcoin from exchanges, which may signal a shift in market sentiment and investment strategies.
Q: How does this recent movement compare to previous records?
A: This recent movement challenges previous records observed in 2021 when critical withdrawals similarly signaled a market shift. The daily outflows around the end of June 2021 were among the highest recorded, highlighting the significance of the current event.
Q: Why are Binance outflows particularly interesting?
A: Binance outflows are interesting because they have nothing to do with the ETF (Exchange-Traded Fund). This suggests that the outflows from Binance may be driven by other market factors or individual investor decisions.
Q: What is the significance of Bitcoin touching the $64,000 level?
A: Bitcoin briefly touching the $64,000 level is significant as it indicates a potential bullish market trend. This milestone, coupled with the consolidation above $62,000, has made 99% of Bitcoin addresses profitable, according to PlanB.
Bitcoin’s recent record outflow of $2 billion has caught the attention of investors and cryptocurrency enthusiasts. This movement signifies a possible shift in the market and investment strategies. The previous records set in 2021 are being challenged, indicating the significance of the current event. Binance outflows, in particular, are intriguing as they are unrelated to the ETF.
Meanwhile, the Bitcoin price briefly reached the $64,000 level before retracing to the $62,000 mark. This milestone, along with consolidation above $62,000, has made almost all addresses profitable, fueling speculation of an explosive bullish market fueled by FOMO.
As the Bitcoin market experiences these significant developments, it’s crucial for investors to stay informed and adapt their strategies accordingly. Monitor the latest news and market trends to make informed decisions.
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