More Than $750 Million’ Worth Of Bitcoin Has Left Crypto Exchanges Today

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According to data calculated this afternoon, investors today moved 38,000 units of bitcoin worth north of $750 million from exchanges.

These markets experienced a net outflow of approximately 38,800 units of bitcoin a little before 1 p.m. EST today. cryptoquant data,

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The total market cap of this cryptocurrency was determined using coindesk data Pulled from the above data source at close to the same time.

According to CoinDesk, this daily outflow, shown in the image below, was the largest since June, the month when bitcoin fell to 2022 lows.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

bitcoin storage

Analysts widely described the move as a sign that investors are starting to buy the world’s most valuable digital currency to consolidate their holdings.

“BTC is clearly being hoarded by ‘whales’ and institutions,” said Tim Enneking, managing director of digital capital management,

“The number of wallets holding 100, 1,000 or more BTC has been increasing for the better part of a year,” he said. “It’s a trend.”

“BTC flows on and off exchanges appear to be a good indicator of price volatility, however, in my experience, it is of little utility as exchange moves usually seem to be ‘just in case’ rather than with a firm intention to sell. is,” Enneking noted.

“Movement off, however, is a slightly better indicator of price direction – and a major move we are currently seeing is actually a fairly bullish indicator,” he concluded.

Internet attorney and Web3 consultant Andrew Rosso offered a similar take on the matter.

“I agree with the assessment” that market participants are hoarding bitcoin, he said.

“I think investors are doing what they think are strategically smart financial decisions, not just giving the holdings a chance.”

Armando Aguilar, an independent cryptocurrency analyst, also weighed in.

“We have seen an increase in BTC outflows from exchanges, which shows that investors are hoarding,” he said.

Aguilar emphasized, “BTC outflows from exchanges are generally viewed as a bullish indicator as traders move from selling to holding and reducing the ‘ready to sell’ supply available on exchanges. “

“In addition, BTC-based investment products have seen a multi-week influx of capital, according to CoinShares weekly flow by asset,” he said.

foreshadowed coinshare report Indicates that these investment channels received more than $8 million worth of inflows during the week beginning Friday, October 14, representing the fifth consecutive week that these products benefited from inflows.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, eos and sol.

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