Bitcoin is seeing fresh Capital on exchanges as the coin's price drops to $60,000.
Data from on-chain analytics platform CryptoQuant shows a preliminary net outflow of 45,000 Bitcoin from exchanges on August 27.
Bitcoin Exchanges See Surge in Withdrawals
Bitcoin speculators may have run out of steam, but behind the scenes, there is interest in “buying the dip.”
According to CryptoQuant, August 27 marked the third largest exchange outflow in 2024.
The total outflow was around 45,000 BTC, which is lower than July 5 and July 16, which saw outflows of around 52,000 BTC and 68,500 BTC, respectively.
In a Quicktake blog post on the subject, analyst Amr Taha commented :
Large negative net flows typically indicate bullish sentiment as they often show that investors are moving their Bitcoin off exchanges to hold for the long term, thus potentially reducing selling pressure in the market.
The withdrawals are reflected in the overall BTC balances of major exchanges tracked by CryptoQuant.
Exchanges now hold about 2,633,391 BTC as of August 27 — 12.5% less than the 3,011,975 BTC held on January 1
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