With the turmoil in the market, the prices of digital assets like Bitcoin and Ethereum are being challenged in a way ieie it shakes down the bones of many investors. The downturn prompted massive sales that pushed prices towards the year low. Although the amount has already been sold, the sellers do not seem to be finished yet. This is evident in the number of Bitcoin and Ethereum that found their way to the centralized exchanges of late.
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Bitcoin & Ethereum crash again?
Inflows have been steadily increasing in recent years. Given the volume of exchanges, this growth is alarming.
Bitcoin and Ethereum tend to keep the best coins when the markets are struggling. And while they have stood up, investors do not seem convinced that they will continue to be. That’s one of the reasons why the influx was so huge.
Show details: In the last 24 hours alone, more than $ 1.4 billion worth of bitcoin has gone into major exchanges. While this represents a drop from the previous day, when $ 1.7 billion of BTC was poured on exchanges. However, it clearly exceeds the discharge rate compared to the previous day.
Bitcoin outflows over the past 24 hours amounted to $ 1.2 billion. This resulted in a positive net flow of $ 233 million.
Ethereum was not spared either. The influx into the stock market has an even greater impact on the second largest cryptocurrency by market cap.
The day before, ETH had seen an inflow of $ 569 million. Unlike bitcoin however, the base did not see enough outflows to offset this number.
This trend continued on Wednesday, when $ 658.2 million flowed into the central exchanges. During the same period, exchanges generated $ 651.1 million, leaving a positive network of $ 7.2 million.
USDT outflows suggest selling
One indicator of whether investors are buying or selling Bitcoin, Ethereum, and other digital assets is a stable inflow of coins. And they haven’t been encouraging lately.
1.1 billion USDT flowed to the stock exchanges on Tuesday. While this was a significant number, the outflows were higher. A total of USDT 1.7 billion left the exchanges, resulting in a negative net flow of USD 612.1 million.
These numbers indicate: Investors are likely to turn their volatile currencies into these stable coins and use exchanges to keep them safe. Mainly to protect against a highly volatile market.
Still, painting USDT volumes over the last 24 hours paints a slightly better picture. While outflows reached $ 738.5 million in the past day, inflows amounted to $ 871.4 million. This equates to a positive net flow of $ 132.9 million. If this trend continues, the current sales trend may reverse into a buying trend, leading to a recovery in the market.
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Text credit: Newsbtc
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