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Glassnode: More BTC Outflows Than Inflows to Most Exchanges Since Last July
Summary: According to Glassnode, there have been more BTC outflows than inflows to most exchanges except Binance, FTX, Bittrex, and Bitfinex since last July. There have been total net outflows of 46,000 BTC (worth around $1.8 billion at current prices) from all crypto exchanges since last July. FTX and Huobi have experienced the most dramatic shift ...
According to Glassnode, there have been more BTC outflows than inflows to most exchanges except Binance, FTX, Bittrex, and Bitfinex since last July. There have been total net outflows of 46,000 BTC (worth around $1.8 billion at current prices) from all crypto exchanges since last July.
FTX and Huobi have experienced the most dramatic shift in their BTC holdings since last July. Whereas FTX has more than tripled the amount of BTC it holds to 103,200 today, Huobi’s holdings have dwindled to just 12,300 BTC, or around 6% of what it held, from over 200,000. Glassnode attributes the current relatively low inflows to “the scale of market uncertainty at present,” and suggests that the crypto trading market, in general, has shifted to derivatives trading over spot sells in order to hedge risk.
By Amy Liu
Tags: BTC,Exchanges,Glassnode
Link: Glassnode: More BTC Outflows Than Inflows to Most Exchanges Since Last July [Copy]
