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News - Lots of Bitcoin transactions at exchanges
The sudden outflow of tens of thousands of BTC correlates with the massive Bitcoin outflow from the exchange Mt.Gox.
On-chain data shows that more than 66,000 BTC have flowed away in the past few hours. The equivalent value is about US$4.5 billion.
🚨 66k $BTC ($4.5bn) flowed out of exchanges in the last hour.
— Onchain Edge (@onchain_edge) May 28, 2024
There were other exchanges outflows a few hours before that. pic.twitter.com/7xppeJ9Eai
The transactions include data from other exchanges, including Binance and Coinbase. The total number of coins moved is significantly higher than the daily average for previous weeks. Bitcoin positions on most exchanges have declined steadily since about 2020.
The outflows from these exchanges indicate users who have lost their coins transfer to their own wallet. Long-term storage seems to be becoming increasingly popular. Because such transactions reduce the effective amount of bitcoins in circulation, they are considered a bullish signal.
In contrast, outbound transactions do correlate with a slight decline for the Bitcoin exchange rate over the past 24 hours.
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