Exchanges Record Bitcoin Withdrawals Of Over $200 Million In Just 24 Hours

The rate at which investors are withdrawing massive amounts of Bitcoin from centralized exchanges is disturbing. According to reports from the analytical company Glassnode, the total amount of Bitcoin withdrawn in just 24 hours was above $200 million.
Massive Outflow Of Bitcoin From Exchanges
With significant exchange outflows over the previous few weeks and days, the market’s fragility has become increasingly obvious.
The focus of these withdrawals has been the Bitcoin cryptocurrency.
According to Glassnode analysis, investors have withdrawn more than $200 million in Bitcoin from centralized exchanges where they had previously invested.
A net amount of $222.5 million worth of bitcoin was deposited in addition to a net amount of $265.6 million worth of bitcoin was withdrawn during the same time period, according to on-chain analysis of statistics data and activity from exchanges.
In just 24 hours, a net flow derived from the net in and net out adds up to more than $45 million.
Since the vulnerability and risks of centralized exchanges became glaringly obvious, the FUD around the crypto safe might be blamed for the market’s instability.
Yesterday saw significant trading activity that entailed shifting funds away from centralized exchanges and onto more secure decentralized wallets.
It is unclear whether this movement is due to the FTX crisis, which turned the market upside down, or a preparation for the start of the bullish season.
This data can also be linked to the events that occurred following the Pyramid exchange crash. In just a few days, the pyramid exchange saw a 30 day rate of withdrawals.
During this time, the number of wallets holding Bitcoin currency increased. This also saw a significant shift in investor funds away from centralized exchanges and toward decentralized platforms for safety.
USDT Gives Little Hope For Bull Season
Glassnode statistics also show the net inflow and outflow on stablecoins such as the USDT.
USDT recently saw a massive inflow of $270.8 million into exchanges and an outflow of $213 from these exchanges. This resulted in a total netflow of more than $57 million, indicating that there were more deposits than withdrawals on centralized platforms.
This positive netflow from stable coins raises the prospect of the crypto market reviving and possibly entering a bull season.
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