Bitcoin is the largest crypto asset and is currently trading at $38,474 (at the time of writing). According to reports, the flagship cryptocurrency has been noted to outflow from centralized exchanges in a big number. The number of BTC withdrawn in the last seven days is approximately 40,000.
This is the heaviest outflow of Bitcoin experienced by centralized exchanges in a week since November 2020.
Considering big Bitcoin withdrawals in the past, it is anticipated that Bitcoin outflow might increase in the future. How this affects the flagship crypto asset is yet to be seen.
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BTC Outflows in the Past
Bitcoin withdrawals from centralized exchanges have reached the highest level according to reports. The outflow of Bitcoin has accelerated and will exceed the rate of 100,000 BTC per month. This number will be seen for the third time since September 2019.
Here are other statistics to know about:
- In April 2020, BTC outflows surged up to 150,000 Bitcoin per month.
- In November 2020, the number of BTC withdrawn came close to 150,00 per month again.
As per the estimation of on-chain analytics, only 13.2% of circulating Bitcoin are held on exchanges at the moment. This is a new low level noted in 2021.
The report noted:
“This represents a near full retracement of the significant inflow volume observed during the May sell-off,”
Binance reportedly received a large number of Bitcoin, whereas, Coinbase experienced some substantial outflows.
- The reserves of Binance are now diminishing with 37,500 BTC withdrawn from the exchange in the last week.
- Coinbase received 30,000 BTC in mid-July but 31,000 BTC exited from the exchange over the past week.
What to Know as a Bitcoin Investor or Trader?
Bitcoin is a prominent crypto asset and has an undeniable significance. Despite the ups and downs in its price over the past few months, major entities are still interested in BTC. In recent news, it was revealed that a great number of investors have accumulated the flagship crypto asset. The accumulation was likely to be led by BTC Whales.
Not only this but despite the heavy flow of Bitcoin withdrawals, it is speculated that the flagship crypto asset will be accumulated and hodled by the enthusiasts. According to a report, this is most likely to be the dominant trend.
Therefore, if you are interested in stepping into the crypto space and buying BTC, then make sure you choose some of the top exchanges.
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