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.
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 This resulted in a net flow of -$397.9 million, indicating more Bitcoin was sold or withdrawn from exchanges than was bought or deposited.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net flow for Ethereum stood at -$1.1 billion, suggesting a similar trend to Bitcoin with more Ethereum being sold or withdrawn from exchanges.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 This indicates that more Tether was bought or deposited on exchanges than was sold or withdrawn.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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