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Bitcoin withdrawals near record as investors pull $2 billion from exchanges.

This trend suggests that investors are withdrawing their funds from cryptocurrency exchanges, which may be a signal of anticipation.

Date: 2024-03-04 Author: Łukasz Michałek
Bitcoin withdrawals near record as investors pull $2 billion from exchanges.

Exchanges record near-historic outflow of more than $2 billion, observing strong movement on Bitcoin.

Statistics from analyst firm Glassnode, according to a post by James Van Straten on X (formerly known as Twitter), showed that the Bitcoin market saw a significant exodus on March 1, with withdrawals from exchanges totaling about $2.3 billion.

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One of the largest payouts in the history of the market.

The recent move surpasses records set in 2021, when significant withdrawals indicated a shift in the market. By comparison, daily outflows at the end of June 2021 were the highest ever recorded.

Van Straten said: “I don’t think I’ve seen anything like this before.”

As of March 2, Glassnode reported that the value of all Bitcoin held on major exchanges had fallen to 2,286,347 BTC, or about $142.5 billion. This indicates the lowest level of assets on Bitcoin exchanges since March 2018.

Over the past few days, Binance has seen fairly large outflows of about $400 million . “The outflows from Binance are interesting because they are not tied to ETFs.” The post also shared a screenshot showing the most important transactions made on Binance.

The post said: “That’s more than $50 million in outflows from Binance.” “But most of the transactions are amounts of more than $10 million.”

Bitcoin price highest in 2 years.

As CoinMarketCap shows, the price of the largest cryptocurrency rose 2.54% from 24 hours earlier to $63,632. Bitcoin’s price briefly touched the $64,000 level and rose to $64,163 before falling again to $62,000.

Moreover, the consolidation of the amount above $62,000 has already yielded a profitability of 99% of addresses. PlanB, a Bitcoin analyst, said the cryptocurrency is entering an explosive market as a result of fear of missing out(FOMO).

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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