• Large Bitcoin outflows have been observed on cryptocurrency exchanges

  • After a brief period of inflows in the previous month, Bitcoin balances on major cryptocurrency exchanges are plummeting once more. Coinbase experienced massive BTC outflows in the last few days, according to Glassnode’s latest data.

    Coinbase’s total Bitcoin balance has now dropped to around 700,000 BTC, its lowest level since December 2017. “Coinbase has seen a large outflow of coins after a period of moderate BTC inflows following the May Sell-off. The total balance now stands at just over 700,000 BTC. The last time the Coinbase Bitcoin balance was this high was in December 2017,” according to Glassnode.

    Bitcoin has now surpassed the $50,000 price level, following a nearly 6% increase in the last 24 hours. The cryptocurrency now has a market capitalization of around $940 billion. A surge in Bitcoin exchange outflows is one of the major reasons for the recent bullish rally in BTC.

    Because of the recent decrease in the Bitcoin exchange supply ratio, demand for the world’s largest cryptocurrency has increased significantly over the last two days. During the last week, large BTC addresses with 100 to 10,000 BTC accumulated more than 40,000 coins.

    Bitcoin Addresses in Use

    Following the most recent increase in the price of the world’s largest digital currency, the total number of active BTC addresses increased dramatically in the last few days. Santiment, an on-chain analytics platform, commented on Bitcoin network activity and BTC price action, saying, “Bitcoin’s long-awaited return to $50,000 has finally arrived, and it comes with good on-chain support.” On Wednesday, the number of active addresses reached its highest level in four months, while token circulation reached its highest level since late July.”

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