Centralized Exchanges Document Net Losses as the Price of Bitcoin Nudges Closer to $35,000.
spike in the price of Bitcoin (BTC) has caused investors’ perceptions of the market to shift, resulting in calls from market participants that haven’t been seen in months.
withdrawals from centralized digital asset exchanges are seen in the data from on-chain analytics company CoinGlass, as the price of digital assets temporarily reached $35,000 before slightly declining below it.
current movement of assets suggests a fresh bullish outlook, suggesting that investors are not trying to cash in on the cryptocurrency due to the price increase.
the statistics, Crypto.com recorded $49.4 million in the same metric across comparable times, while Binance reported $500 million in crypto outflows the last 24 hours.
OKX, a cryptocurrency exchange, came in third place with $31 million, while the other exchanges reported statistics that were close to $20 million.
The highest order, at $9.98 million, was placed on Binance, following the recent emergence of short positions totaling over $400 million. 94,755 traders liquidated derivative positions overall on various exchanges.
In the past, when an asset’s price is rising after a protracted period of loss, holders tend to hoard the item and move it out of the exchange, whereas when the market records a large transfer to exchanges, it typically signals an impending sale.
While most observers concur that rising prices are the cause of the recent asset movement, some noted that a cross-section of outflows may be due to the demand for more safe asset storage.
As of this writing, the price of Bitcoin is $34,539, up 12.65% in the last day, while the market capitalization as a whole is $1.27 trillion, up 9.17% from the previous day.
As the market turns positive, altcoins like Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA) have also recorded increases of 9.94%, 7.11%, 3.96%, and 7.94%.
Spot BTC ETF spurs expansion
Speculation around the possibility of the US Securities and Exchange Commission (SEC) approving a spot BTC ETF application accounts for a significant portion of the market’s added value.
BlackRock’s listing on Depository Trust & Clearing Corporation and the SEC’s decision to drop its appeal in Graysacle’s case are noteworthy developments in the BTC ETF mania.
With most measures, including the Bitcoin Fear and Greed Index, hitting greed for the first time in almost three months, the market leader’s price has now reached a 16-month high.
While the stock market had comparable increases, the double-digit surge of Bitcoin and most other virtual assets demonstrated the general investor enthusiasm on technology and finance.
Centralized Exchanges Record Net Outflows as Bitcoin Price Inches Near $35,000
