#MarketDownturn Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data.

Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently

According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion.

Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term.