If this number is accurate, then a whopping $1.57 billion has left these exchanges.
After increasing by 0.53% percent in the last day, BTC was trading at $69,443 as of writing.
It seems that sellers may be fleeing the market as some cryptocurrency exchanges have seen a substantial outflow of Bitcoin (BTC) from their platforms in the last few weeks.
Technical expert Ali Martinez reports that during the last week, users withdrew 22,647 Bitcoin from various cryptocurrency exchanges. If this number is accurate, then a whopping $1.57 billion has left these exchanges. In what may be seen as a positive trend, these currencies are likely migrating away from centralized exchanges.
Investors Optimistic
Coinciding with a precipitous decline in value for the main cryptocurrency, this fresh information has emerged. After increasing by 0.53% percent in the last day, Bitcoin was trading at $69,443 as of this writing.
Many people, including investors and crypto aficionados, were excited when the coin’s value jumped past $70,000 not long ago. On Friday, however, with the announcement of US employment statistics, it abruptly started a downward spiral.
It is believed that the decline in the price of the coin is related to the fall in the share price of GameStop, which has dampened enthusiasm in the cryptocurrency market. Using the Bitcoin Dominance statistic, which shows how much of the cryptocurrency market is attributed to BTC, things are looking up.
Despite the fact that Bitcoin’s price is now experiencing a pullback, it is still outperforming other digital currencies. It is noteworthy that investment asset management organizations are increasing their Bitcoin holdings, but it is unclear where the Bitcoin that is leaving centralized exchanges will go. The amount of Bitcoin held by BlackRock has increased significantly since the introduction of spot Bitcoin ETFs.
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