Largest bitcoin outflow from crypto exchanges in 8 months recorded
BTC netflow on exchanges has reached an 8-month low
16.05.2022 - 09:30
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What’s new? Analytics firm CryptoQuant has published data showing the outflow of bitcoins from exchanges. According to the charts, as of May 16, it recorded the lowest BTC netflow on the platforms over the last 8 months.
$BTC netflow across all exchanges reached an 8-month low today.Live Chart 👇https://t.co/vYNLtXbZoJ pic.twitter.com/DMdFsgofCj— CryptoQuant.com (@cryptoquant_com) May 15, 2022
What does this data say? The netflow indicator is calculated based on the difference between bitcoins coming to the exchange and those withdrawn. A positive value for the indicator points to an increase in reserves. For spot markets, a high value usually indicates increasing selling pressure.
What events happened before? On May 10, the largest bitcoin inflow to crypto exchanges since December 2019 was recorded, with investors depositing $1,27 billion worth of bitcoins on the platforms per day. Most of these funds probably came from the wallet of the Luna Foundation Guard (LFG), 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 On May 10, 28 205,54 BTC was withdrawn from the LFG’s reserve wallet, to support the pegging of the UST stablecoin to the dollar.
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