$1.8 Billion Worth of Crypto Leaves Market as Bitcoin Breaks Through Resistance – U.Today

The large outflows hit the cryptocurrency market as $1.8 billion worth of Ethereum, Bitcoin and Tether left the market. We could tie such a strong outflow to the extreme fear on the market.
Ethereum has faced the largest outflows on the market, with $748 million in the cryptocurrency moved from centralized exchanges. As Glassnode data suggests, the net flow for Ether remains at -164 million.
📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $637.3M in
⬅️ $698.6M out
📉 Net flow: -$61.4M#Ethereum $ETH
➡️ $621.9M in
⬅️ $784.3M out
📉 Net flow: -$162.4M#Tether (ERC20) $USDT
➡️ $691.3M in
⬅️ $337.6M out
📈 Net flow: +$353.7Mhttps://t.co/dk2HbGwhVw
Bitcoin’s net flow also remains negative, with $700 million worth of cryptocurrency leaving the market as traders move their funds away from exchanges. Previously, U.Today noted that massive outflows during the correction period may cause a supply shock in the future, when the demand for cryptocurrency recovers to 2021 levels.

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The only cryptocurrency that faced a positive net flow was Ether-based Tether stablecoin with $353 million poured into the market, which may reveal two things: traders will purchase more cryptocurrencies with their Tether holdings, or the Treasury releases more coins into circulation to balance the price of the asset.
While economic and market causes could affect traders’ desire to move funds away from centralized entities, the limitations that exchanges faced recently from regulators caused a panic among cryptocurrency investors who kept their holdings on exchanges.
Many CEOs warned users about their inability to avoid orders from financial regulators and that they will have to ban or limit traders. Statements incentivized outflows from all major exchanges as traders started actively moving funds to cold or hot noncustodial wallets with one-sided access.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.


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