Crypto Market Shakeup: Bitcoin and Ethereum Hit Record Lows on Exchanges!

The balance of Bitcoin ($BTC) on exchanges has recently hit a three-month low, dropping to 2,280,774.911 BTC. This provides a snapshot of the current state of Bitcoin holdings on various exchanges.

The dynamics of the cryptocurrency market are further highlighted by the weekly on-chain exchange flow. This metric represents the movement of cryptocurrencies into and out of exchanges, providing insights into buying and selling pressures.

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For Bitcoin, the weekly on-chain exchange flow showed an inflow of $6.5 billion and an outflow of $6.9 billion. This resulted in a net flow of -$397.9 million, indicating more Bitcoin was sold or withdrawn from exchanges than was bought or deposited.

Ethereum, the second-largest cryptocurrency by market capitalization, saw an inflow of $2.7 billion and an outflow of $3.8 billion. The net flow for Ethereum stood at -$1.1 billion, suggesting a similar trend to Bitcoin with more Ethereum being sold or withdrawn from exchanges.

In contrast to Bitcoin and Ethereum, Tether (ERC20) $USDT, a stablecoin pegged to the US dollar, experienced a positive net flow. With an inflow of $7.6 billion and an outflow of $7.3 billion, the net flow was +$318.1 million. This indicates that more Tether was bought or deposited on exchanges than was sold or withdrawn.

These figures provide a comprehensive overview of the current state of the cryptocurrency market. The data reveals the shifting dynamics of the crypto market, with Bitcoin and Ethereum experiencing net outflows, while Tether sees a net inflow.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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