Investors deposited bitcoins worth 1,27 billion on crypto exchanges overnight

This is the largest inflow of funds recorded since December 2019

11.05.2022 - 12:05

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What’s new? On May 10, 2022, about 40 620 BTC ($1,27 billion at the Binance exchange rate on May 11) were sent to crypto exchanges. This is the largest inflow of funds to the platforms since December 2019, according to the analytical company Santiment.

🤯 As Monday has crossed into its final trading hour (UTC time), a landmark in net #Bitcoin moving to exchanges has occurred. Today's net sum of ~40,620 $BTC in exchange inflow is the largest spike since Dec, 2019. This marks maximal crowd polarization. https://t.co/lqFDMIMPKQ pic.twitter.com/ivlQKpQyEg— Santiment (@santimentfeed) May 9, 2022

What preceded it? Most of these funds probably came from the wallet of the Luna Foundation Guard (LFG), a non-profit organization created to support the Terra ecosystem. On May 10, 28 205,54 BTC was withdrawn from the LFG’s reserve wallet, to support the pegging of the UST stablecoin to the dollar

At the end of April, bitcoin funds faced the biggest weekly outflow of funds since June 2021. According to a report by the analytical company CoinShares, a total of $133 million was withdrawn.

Traders also lost more than $1 billion due to the fall in the bitcoin rate. According to Coinglass, a total of almost 287 000 traders’ positions were forcibly closed. The largest order was liquidated on the BitMEX exchange ($6,3 million) in the XBT/USD pair.

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