Bitcoin sees withdrawals of $2.3B on exchanges as BTC is hurtling toward its record high of $69,000

Today, Bitcoin reached the $66,000 level again, while on-chain data shows a rapid BTC outflow from exchanges. It is seen that the value of Bitcoin taken out of the exchanges on Friday alone was $2.3 billion. The outflow of cryptocurrencies from exchanges is seen as the biggest sign that investors do not plan to sell in the short term.

Bitcoin sees withdrawals of $2.3B on exchanges as BTC is hurtling toward its record high of $69,000

As Bitcoin continues to reach its record of $ 69,000, which it reached in November 2021, the outflows from the exchanges have also begun to increase significantly.

“One of the biggest withdrawals in over 5 years.”

Analyst and researcher James Van Straten, who shared an image from Glassnode data, pointed to billion-dollar outflows:

“All in all on the Friday, just over $2.3B worth of Bitcoin left exchanges. One of the biggest withdrawals in over 5 years. Binance saw about $400M, and seen fairly big outflows for the past few days. Coinbase saw the rest. Binance outflows are the interesting ones because they have nothing to do with the ETF.”

$1.1 Billion sell-off also didn’t bring down the price

ETFs, which have been the biggest reason for Bitcoin’s recent rise, continue to see large inflows. As it will be remembered, Grayscale sold about $1.1 billion in total on Thursday and Friday, but Bitcoin continued to stay above $60,000 despite the big sell-offs.

Leave a Comment