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Cryptopolitan 2021-09-13 09:01:45

Bitcoin outflows continue despite price correction

TL;DR Breakdown: Bitcoin outflows soared to over $10 billion within the last seven days, not minding the recent market crash. The exchanges’ balance has also dropped to a three-year low.  Bitcoin sentiments suddenly changed last Tuesday amid the flash correction in price from over $52,000 to below $45,000. It currently seems the BTC market is down to the bearish/dip state. Regardless of the drop, however, Bitcoin outflows don’t look any different than it was prior to the flash crash last week.  On-chain analytics platform Glassnode confirmed this in a tweet today, which suggests more investors are accumulating and HODLing. This trend is considered to be healthy to keep BTC on the uptrend. Over $10 billion in Bitcoin outflows Within the past seven days, about $10.8 billion in Bitcoin were transferred from exchanges to external wallets. Bitcoin outflows last week yielded a negative net flow of -$1.2 billion, which means there were more outflows than inflows ($9.6 billion) for these times. Ether (ETH) also recorded a negative net flow of -$545.4 million, per Glassnode. Weekly On-Chain Exchange Flow #Bitcoin $BTC $9.6B in $10.8B out Net flow: -$1.2B#Ethereum $ETH $6.2B in $6.7B out Net flow: -$545.4M#Tether (ERC20) $USDT $5.0B in $5.4B out Net flow: -$361.1M— glassnode alerts (@glassnodealerts) September 13, 2021 This trend somewhat indicates that investors are still positive on ...

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