Nearly $1 billion worth of Bitcoin (BTC) was withdrawn from cryptocurrency exchanges in the last 24 hours, according to data gathered on from blockchain analytics platform Glassnode.
Over the last 24 hours, approximately $612.3 million worth of Bitcoin flowed into exchanges while $1.5 billion was withdrawn, resulting in a net outflow of $936.5 million. This massive movement of Bitcoin off exchanges reduces the circulating supply available for trading.
Ethereum (ETH) also saw significant outflows during the same period. Around $356.9 million entered exchanges while $544.6 million was withdrawn, for a net outflow of $187.7 million. Similarly, Tether’s USDT stablecoin had $418.1 million in inflows compared to $458.6 million in outflows, totaling -$40.5 million in net outflows.
Large cryptocurrency withdrawals from exchanges are typically interpreted as a bullish sign, as investors transfer coins to private wallets for longer-term holding. This locks up supply and decreases selling pressure.
At the time of writing, Bitcoin is trading just under $34,500, having gained 0.35% over the last 24 hours. To further cement the current sideways price trend, Bitcoin is down by just 0.2% over the last week as the crypto market struggles to find a clear direction.