The highest net outflow from cryptocurrency exchanges in the previous six months was over 70K Bitcoins worth $1.52 billion.
When the ECB raised interest rates by 75 basis points, the price of Bitcoin (BTC) exceeded the 20K mark and reached a high of $20.9K, but it has since given up those gains due to inflation and recession fears. However, with over 70 000 BTCs worth $1.52 billion leaving exchanges, Bitcoin had its highest net outflow from crypto exchanges in the previous six months. BTC’s price is at $20,150, down 3% from the previous day.
Bitcoin Records Largest Net Outflow from Crypto Exchanges
Data from IntoTheBlock indicates that Thursday’s increase in the price of Bitcoin over $20K was caused by a significant outflow of funds from crypto exchanges. The highest net outflow in the previous six months occurred on October 26 when over 70k Bitcoins worth $1.52 billion departed exchanges.
Whales’ large-scale Bitcoin (BTC) movements were previously documented by CoinGape. In reality, whales transferred more than 15K bitcoins, pushing the price of BTC above $20,000.The most recent data shows that after a protracted down market, Bitcoin whales are poised to get back in and drive prices higher. The data also shows that big investors and whales do indeed keep their money in U.S. and international treasuries.
Since November of last year, large institutional investors and enormous whale addresses (blue line) have started selling off their Bitcoin holdings. The decrease in the combined market capitalization of USDT and USDC (in yellow) shows that whales and big investors are pulling their money out of stablecoin. Therefore, a bottom for Bitcoin will be supported by a rise in the market capitalization of stablecoins. Nevertheless, despite the large increase in whale supply, cryptocurrency values could rise.
Macroeconomic Factors Affecting Price Rally
The macro continues to put pressure on cryptocurrency even if the overall crypto market, including Bitcoin and Ethereum, had a substantial recovery in the last two days. Despite concerns about a recession, the ECB increased interest rates by 75 basis points yesterday, which caused the cryptocurrency market to reverse gains and experience volatility .At the FOMC meeting on November 2, the US Federal Reserve will increase interest rates. A 75 bps rate increase has an 86.5% likelihood according to the CME FedWatch Tool. The probability was 95% a week prior.
