Tuesday, March 5, 2024

Bitcoin hits four-year low in trade withdrawals


Fast Take

Since October 2023, there was a persistent decline in trade withdrawals. As per the present information from Glassnode, Bitcoin withdrawals from exchanges have reached a four-year low, numbering merely 35,000 Bitcoin. On the contrasting aspect, Bitcoin deposits onto exchanges preserve the next determine, with 56,500 Bitcoins being at the moment accounted for.

Apparently, from December 2023, deposits significantly outpaced withdrawals because the divergence continued to develop. Even though deposits themselves are trending downwards, they proceed to overshadow withdrawals considerably. This disparity between deposits and withdrawals has swelled to one of many highest ranges in years, portray a noteworthy image of the Bitcoin market dynamics.

Earlier than the launch of the Bitcoin ETF on Jan. 11, deposits peaked towards withdrawals. This commentary underscores a bigger inflow of cash onto exchanges, doubtlessly corroborating the ‘promote the information’ occasion the place Bitcoin briefly touched $49,000 earlier than plummeting beneath $40,000.

Exchange Transaction Dominance: (Source: Glassnode)
Change Transaction Dominance: (Supply: Glassnode)

The submit Bitcoin hits four-year low in trade withdrawals appeared first on CryptoSlate.

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