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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market

Best Owie
Best Owie
1 year ago
3 mins read
Crypto inflows

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With the crypto market’s decline, there have been a number of things that have changed drastically in the space. Mostly, investors have been rushing to get out of the market before the crash takes more of their funds. What this has led to has been a significant increase in the number of cryptocurrencies that are flowing to exchanges. Most notably have been Bitcoin and Ethereum, whose daily exchange inflows have touched billions of dollars.

Billions In Crypto To Exchanges

The data for the last 24 hours shows that the amount of funds that are being transferred into centralized exchanges is up over the last week. Instead of the sub-$1 billion figures that have usually been recorded, the volume has ramped up significantly.

Glassnode reports that more than $3 billion in Bitcoin had moved into exchanges over the last 24 hours. In total, there was $3.2 billion worth of BTC recorded to have flowed into exchanges, with $3.3 billion flowing out, leading to a negative net flow of -$103.5 million. 

Related Reading | More Than 253,000 Traders Liquidated As Crypto Bloodbath Continues

The same was the case with Ethereum which had also seen $2.1 billion flowing in while $1.5 billion had flowed out. The positive net flow of $532.4 million for Ethereum is in line with the outflow trend that had been recorded for the digital asset over the last couple of months.

Interestingly, although high, the numbers for the last 24 hours are almost 50% below what was recorded on Sunday. This is understandable given that the majority of the market crash had happened in the late hours of Sunday, thus causing investors to want to move their funds.

Cryptocurrencies total market cap chart from TradingView.com

Total market cap below $1 trillion | Source: Crypto Total Market Cap on TradingView.com

To put this in perspective, Sunday had seen $6.5 billion worth of bitcoin flow into centralized exchanges, while Ethereum’s numbers had clocked as high as $3.7 billion in the same time period.

🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin $BTC
➡️ $6.5B in
⬅️ $6.5B out
📉 Net flow: -$9.9M#Ethereum $ETH
➡️ $3.7B in
⬅️ $3.5B out
📈 Net flow: +$181.6M#Tether (ERC20) $USDT
➡️ $3.5B in
⬅️ $3.2B out
📈 Net flow: +$339.4Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) June 13, 2022

Tether Outflows Says No Accumulation

Tether is the largest of the stablecoins and possesses the largest range of crypto trading pairs that are present in the market. Its inflow and outflow trend has often helped to know if crypto investors were looking to purchase coins or were in fact dumping their coins.

Related Reading | Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It?

The Tether inflows and outflows for the last two days show that instead of trying to accumulate, investors are heading for the safety provided by these stablecoins. On Sunday, USDT inflows were slightly above outflows, which does not spell good news for the crypto market. This trend has now continued as the last 24 hours have now seen inflows matching outflows.

What this indicates is that investors are not buying up bitcoin or Ethereum. Rather, they are converting their cryptocurrencies into stablecoins to escape the extreme volatility of the current market. 

Featured image from Forbes India, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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