The flow of bitcoin to cryptocurrency exchanges is increasing rapidly
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Answer The flow of bitcoin to cryptocurrency exchanges is increasing rapidly
The overall Bitcoin exchange activity has increased significantly since the beginning of this week amid a huge jump in the price of Bitcoin.
Recent data published by “Santiment” platform indicates that the leading digital exchanges saw an inflow of about 1.68 million Bitcoin on Wednesday, August 25, 2021, the highest level since June 19, 2019.
In addition to the recent surge in the flow of bitcoin to exchanges, the Santiment platform has highlighted the significant jump in bitcoin whale activity.
Large bitcoin addresses (whales) holding between 100 and 10,000 bitcoins added nearly 20,000 bitcoins on Wednesday.
August 25, 2021 remained one of the most active days in the history of Bitcoin.
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We indicated In an article on Bitcoin Arab yesterday, it reports that one of the bitcoin addresses for 6000 bitcoins worth more than $290 million has been transferred from digital trading platform Binance to cryptocurrency wallet “Xapo.”
Glassnode, in its latest report, indicated the following:
Bitcoin just made history with the biggest day of Bitcoin influx to trading platforms since June 19, 2019.
These days are now tied for the biggest flow day ever, with 1.68 million BTC flowing into the exchanges these days.
We expect volatility to increase.
The net flow meter towards the trading platforms shows that this week is profit taking from investors who are taking advantage of market strength.
Bitcoin whales:
Large bitcoin addresses play an important role in the overall network activity of the world’s largest cryptocurrency.
Bitcoin wallets holding between 100 and 10,000 bitcoins now hold over 9 million bitcoins, roughly 50% of the total supply.
Earlier today, Whale Alert highlighted the movement of 10,895 bitcoins to an unknown wallet, with the total value of the said transfer being around $508 million.
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Currently, Bitcoin fluctuates between $46,800 and $47,400.
The total market capitalization of Bitcoin is around $891 billion.
Bitcoin’s dominance of the cryptocurrency market has seen a jump of almost 2% in the last 5 days, with Bitcoin now accounting for more than 44% of the total cryptocurrency market cap.
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