Lưu trữ cho từ khóa: Exchange

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$1.3b BTC left exchanges, bulls deny losing $60k

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Bitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors expect further bullish momentum.

According to data provided by IntoTheBlock, Bitcoin (BTC) witnessed $1.29 billion in net outflows from CEXs over the past week. The movement shows increased accumulation as most on-chain signals look bullish for the flagship cryptocurrency.

BTC CEX net flows – Sept. 15 | Source: IntoTheBlock

Most of the outflows, around 12,420 BTC, came on Sept. 10 when the asset’s price struggled below the $57,000 mark, per ITB data.

Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders started profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600. 

Bitcoin witnessed a large holder net outflow of 9,180 BTC on the same day. The on-chain movement shows a massive selloff by whales, sending the asset’s price below $60,000. 

Expect lower price volatility

According to a Friday report by crypto.news, MicroStrategy purchased 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.

However, the trend soon shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB.

The large holders’ net flows bounced to the positive zone, with 3,240 BTC in net inflows yesterday.

Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap is currently sitting at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.

BTC price – Sept. 15 | Source: crypto.news

At this point, lower price volatility would be expected for Bitcoin as the price consolidates close to the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.

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Whales bought over 400m DOGE, on-chain signals look bullish

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Whales have started accumulating Dogecoin as bullish on-chain signals surfaced for the largest meme coin.

According to data provided by IntoTheBlock, the Dogecoin (DOGE) large holders’ inflow increased by 970% on Sept. 11 — rising from 46.25 million to 493.15 million DOGE. The token’s whale outflow plunged from 442.12 million to 78.17 million DOGE.

DOGE whale net flow – Sept. 12 | Source: IntoTheBlock

Data shows that the large holders’ net inflow reached 414.97 million DOGE, worth $42.46 million, yesterday. The movement shows that whales have started accumulating Dogecoin and the selloff has cooled down.

Notably, Dogecoin is mostly dominated by large holders with 62% of its supply sitting in whale addresses. The amount of transactions consisting of at least $100,000 worth of DOGE reached $942 million over the past week.

Per ITB data, the asset’s exchange net inflow also declined from 84.83 million to 33.42 million DOGE on the same day. Decreasing exchange inflow usually leads to lower selling pressure.

DOGE is up 1.6% in the past 24 hours and is trading at $0.1024 at the time of writing. The meme coin’s market cap is hovering at $14.9 billion, making it the eighth-largest digital currency. 

DOGE price – Sept. 12 | Source: crypto.news

At this point, DOGE is down by 86% from its all-time high of $0.73 in May 2021.

On Aug. 31, Elon Musk, Tesla’s billion CEO, showed interest in bringing the meme coin back to the automotive company as a form of payment. Musk’s claim came a few days after a U.S. court decided to dismiss the $258 billion lawsuit against the billionaire and his companies.

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Altcoin

Ethereum whales panic, $493m ETH entered exchanges in 7 days

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Ethereum whales are sending bearish on-chain signals as the second-largest cryptocurrency struggles with exchange net inflows.

According to data provided by IntoTheBlock, Ethereum (ETH) witnessed a centralized exchange net inflow of $493 million over the past week. Massive CEX inflows could hint at a potential selloff, leading to bearish price movements.

ETH price and exchange net flows – Sept. 11 | Source: IntoTheBlock

Data from ITB shows that Ethereum whales recorded 283,430 ETH, worth roughly $660 million, in outflows on Sept. 10. On the other hand, the large holders’ inflows declined from 312,250 ETH to 203,630 ETH on the same day.

This shows increased selling pressure from whales.

The large holders’ net outflow reached almost 80,000 ETH, worth $185 million, on Tuesday, per ITB data. Notably, the Ethereum whale net flows have plunged by 296% over the past week.

ETH large holder net flows – Sept. 11 | Source: IntoTheBlock

One of the bearish whale movements came from Ethereum co-founder Vitalik Buterin and the Ethereum Foundation. 

Consequently, the selling signals from Ethereum whales brought the asset’s market cap down to $280 billion. ETH is down by 1.1% in the past 24 hours and is trading at $2,325 at the time of writing.

The second-largest cryptocurrency plunged to a local bottom of $2,150 on Sept. 7, but soon recovered above the $2,300 mark after 40,000 ETH left derivative exchanges. 

At this point, the U.S. Consumer Price Index report, which shows the inflation rate in the country, could act as a major catalyst for financial markets, including crypto. The data is scheduled to be released today, Sept. 11.

If the CPI comes below the expected 2.6%, potential bullish momentum would be expected for digital assets, and vice versa.

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Bitcoin whale accumulation heats up ahead of US CPI report

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Bitcoin whales seem bullish with increased accumulation as the release of the U.S. Consumer Price Index data gets closer.

According to data provided by IntoTheBlock, the number of whale transactions consisting of at least $100,000 worth of Bitcoin (BTC) surged from 12,560 to 16,240 between Sept. 7 and 9. 

BTC whale transactions – Sept. 10 | Source: IntoTheBlock

The increased whale activity around BTC came after its price plunged below the $54,000 mark amid an increased selloff. 

Per ITB data, Bitcoin whales have moved over $70 billion worth of the asset in the past seven days. 

It’s important to note that increased whale activity could usually lead to high price fluctuations, but in this case, large holders seem to be accumulating Bitcoin due to increased inflows.

The large holders’ inflow plunged from 11,570 to 1,100 BTC on Sept. 7 and declined even further to 469 BTC a day later, suggesting a massive selloff, according to data from ITB. However, the Bitcoin whale inflow recorded a notable increase to 1,580 BTC on Sept. 9.

The indicator shows that the whale selloff might have come to an end.

Not only whales, but also retail holders seem to be accumulating Bitcoin. According to ITB, Bitcoin saw an exchange net outflow of over 6,000 BTC yesterday.

BTC exchange net flows – Sept. 10 | Source: IntoTheBlock

Bitcoin is now up 3.5% and is trading at $56,950. The flagship cryptocurrency briefly touched a local high of $58,000 earlier today and has been consolidating close to the $57,000 zone.

At this point, investors are looking bullish as the U.S. CPI data, which shows the inflation rate in the country, is expected to come at 2.6%. 

If the inflation rate for August comes at or lower than the expected percentage, economists believe a 50 basis point interest rate cut would be most likely this week. 

The rate cut could, consequently, form a bullish momentum for financial markets such as crypto and stocks.

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40,000 ETH left derivative exchanges, brings lower selling pressure

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Ethereum witnessed increased outflows from derivative exchanges after its fall below the $2,200 mark on Sept. 7.

According to CryptoQuant analyst Amr Taha, over 40,000 Ethereum (ETH), worth roughly $90 million, left derivative exchanges over the weekend. The outflows started a few hours after the ETH price touched a local bottom of $2,172 on Saturday, Sept. 7.

The analyst claims that the increased outflows could hint at reduced selling pressure. This could also reduce the “borrowing amounts for opening new short” positions.

Per data from Santiment, the ETH total open interest declined by roughly $171 million on Sept. 6, falling to $4.78 billion. However, the asset’s open interest quickly regained most of its losses and is currently sitting at $4.93 billion.

ETH price, RSI, open interest and sentiment – Sept. 9 | Source: Santiment

Ethereum is up 1.3% in the past 24 hours and is trading at $2,325 at the time of writing. Its daily trading volume increased by 33%, reaching $12.4 billion. 

Data from the market intelligence platform shows that the ETH Relative Strength Index is hovering at 34. The indicator shows that the second-largest cryptocurrency is oversold at this price point as FUD dominates the market.

Despite the impressive ETH outflows from derivative exchanges, the weighted sentiment around Ethereum remains negative, according to Santiment data.

Spot ETH exchange-traded funds in the U.S. also registered consecutive outflows last week. These investment products have recorded $568.5 million in net outflows since their launch in July.

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Bitcoin reaches $55k as exchange net flows plunge

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Bitcoin is back to the psychological $55,000 zone amid declining on-chain activity on exchanges.

Bitcoin (BTC) is up 0.9% in the past 24 hours and is trading at $55,000 at the time of writing. The leading cryptocurrency briefly fell to an intraday low of $53,650 on Sept. 8 as bearish sentiment dominated the crypto market.

Bitcoin price, RSI and exchange activity – Sept. 9 | Source: Santiment

Moreover, BTC’s daily trading volume increased by 33%, reaching $22 billion.

According to data provided by Santiment, Bitcoin witnessed a daily exchange inflow of 68,470 BTC on Sept. 7, before taking a deep dive below the $54,000 mark. Data shows a 68% decline in the asset’s inflows over the past two days, currently sitting at 21,742 BTC.

Quite similarly, the number of Bitcoins leaving the exchanges has also plunged 65% in the same timeframe — falling from 65,847 to 22,802 BTC.

At this point, Bitcoin is seeing an exchange net outflow of 1,060 BTC, worth over $583 million at the reporting time.

Despite the surge above the $55,000 mark, the Bitcoin Relative Strength Index is still hovering at 35, according to data from Santiment. The indicator shows that the flagship cryptocurrency is still oversold which could be due to the market-wide selloff.

Per a crypto.news report, spot BTC exchange-traded funds in the U.S. saw a net outflow of $706 million last week. The large amount of outflows brought stronger bearish momentum to Bitcoin amid increased FUD.

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Bitcoin falls below $54k, exchange inflows increase

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The Bitcoin price and the broader crypto market have struggled over the past two weeks. With further price declines, investors have started moving funds into the exchanges.

Bitcoin (BTC) plunged to a one-month low of around $53,000 on Sept. 6, bringing strong bearish momentum to the cryptocurrency market. BTC and altcoins saw over $295 million in liquidations a day later. 

The Bitcoin price recorded mild gains again that helped the global crypto market cap surpass the $2 trillion mark.

BTC is up by 0.25% in the past 24 hours and is trading at $54,450 at the time of writing. Despite the rebound, the asset’s price is still down by 15% from its local high of around $64,400 on Aug. 25.

According to data provided by IntoTheBlock, over 7,300 Bitcoins, roughly $400 million, entered the centralized crypto exchanges as its price plunged below the $54,000 mark.

The leading cryptocurrency witnessed a one-month exchange net inflow of 10,310 BTC, worth over $560 million at the reporting time.

BTC price and exchange net flows – Sept. 8 | Source: IntoTheBlock

Data from ITB shows that whale transactions consisting of at least $100,000 worth of BTC reached a total of $68 billion over the past week. 

The large holders’ netflow to exchange netflow ratio is currently sitting at 1.4%, per data from ITB. The indicator shows that whales have been more active than retail wallets amid the declining Bitcoin price.

Notably, retail addresses make up 88.4% of the total Bitcoin holders. Less than 12% of the BTC supply is held in whale wallets, according to ITB.

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Over $1b worth of Bitcoin left exchanges in 7 days

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On-chain data shows increased Bitcoin outflows from cryptocurrency exchanges, showing potential accumulation.

According to data provided by IntoTheBlock, centralized crypto exchanges saw a net outflow of over 16,500 Bitcoin (BTC) — worth over $1.01 billion — in the past seven days. Around 2,200 BTC left these platforms in the past 24 hours alone.

BTC price and exchange net flows – Sept. 3 | Source: IntoTheBlock

ITB data shows that most of the net outflows happened on Aug. 27.

On Aug. 27, Binance, the largest cryptocurrency exchange by trading volume, witnessed a net outflow of 48,000 BTC, per a crypto.news report. The platform saw an outflow of over $3.7 billion worth of Bitcoin and Ethereum (ETH) in 30 days.

The increased net outflows show that investors have been accumulating the asset despite bearish expectations for September.

Per data from ITB, large Bitcoin wallets, holding at least 0.1% of the circulating supply, saw a net outflow of 1,123 BTC — worth over $66.2 million — over the past two days.

A crypto.news report on Aug. 29 shows that the Bitcoin reserves on crypto exchanges dropped to 2.38 million BTC, hitting 2024 lows. This movement shows that the accumulation phase might have started.

When investors move assets to their self-custodial wallets, it’s often a sign of bullish expectations. While September has usually been bearish for the BTC price, data shows that October’s monthly gains over the past 11 years have been impressive.

Bitcoin had a bearish start to this month but regained 2.1% over the past 24 hours. BTC is trading at $58,900 with a market cap of $1.16 trillion at the time of writing. The asset’s daily trading volume is currently hovering at the $25 billion mark.

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Bitcoin price could rise as exchange reserves hit 2024 lows

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Bitcoin price held steady above $60,000 on Thursday, Aug. 29, even as its exchange-traded funds saw two consecutive days of outflows.

Data from SoSoValue shows that Bitcoin (BTC) ETFs lost $105.19 million in assets on Wednesday after shedding $127 million the previous day. These funds have accumulated $17.85 billion in assets, with most of the money coming from institutional investors.

Bitcoin has several catalysts that could push it higher in the long term, as was reported earlier this week. 

Another potential catalyst is that the amount of coins held in exchanges has dropped to the lowest point this year. According to CoinGlass, exchanges held 2.38 million coins on Aug. 29, down from 2.4 million in Aug. 27 and last month’s high of 2.50 million. 

Bitcoin reserves in exchanges | Source: CoinGlass

Falling Bitcoin reserves often indicate low liquidity in the market and suggest that most investors are no longer moving their coins from wallets to exchanges, a key step in liquidation. For example, Bitcoin reserves surged in July when the German government liquidated its reserves.

The falling US dollar and growing US public debt are other potential catalysts for Bitcoin. The US dollar index, which measures the price of the greenback against a basket of currencies like the euro, pound, and Swiss franc, fell to $101.50, down over 4.7% from its highest level this year. The US dollar has pulled back after Federal Reserve chief Jerome Powell hinted at possible rate cuts in the September meeting.

The US dollar has pulled back after the Federal Reserve chair hinted that the bank will start cutting rates in its September meeting. 

Additionally, the US public debt has continued rising and is moving to unsustainable levels, making Bitcoin a viable alternative. Data by US Debt Clock shows that the national debt jumped to over $35.2 trillion, or 123.2% of the GDP. Annual interest on this debt has jumped to over $920 billion. 

The same trend is occurring globally, with liquidity reaching a record high of $95 trillion. As a result, more institutions and retail investors may turn to alternatives, first to gold, and then to Bitcoin.

Meanwhile, the options market is pointing to a potential Bitcoin rebound, potentially to $90,000 later this year. Additionally, Bitcoin funding rate has dropped to -0.0011%, pointing to more upside.

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