On Tuesday, 48,000 bitcoins left Coinbase Pro, a popular exchange with institutional investors.
The outflow was the second-largest in history and the greatest among cryptocurrency exchanges after the major meltdown in June of this year. Exchange outflows imply that traders are removing their cryptocurrency from exchanges and switching from selling to an accumulating posture.
The value of the cryptocurrency traded on Tuesday was roughly $940 million, and the transactions were partially split into batches of 122 bitcoins. This is a well-known pattern that manifested itself several times during the 2021 bull run.
the transactions were probably carried out on over-the-counter trading desks, the price of bitcoin might not be impacted.
At $19,233.71, bitcoin was trading 1.5% lower on Tuesday. Token price fell 1.7% to $1,301.46. For over a month, both have been trading consistently sideways.
However, despite having reached an all-time high last month, bitcoin’s correlation with equities is still at historic highs, and the price is still heavily determined by macro events like important economic data releases and central bank policy. However, the crypto market has been focused on its unusually low volatility in recent days.
Since early June, bitcoin prices have been bouncing between an ever-narrower band, Considering bitcoin’s current low price levels, trade volumes have held steady since the all-time highs of last year. Despite the declining volatility since September, there has been no noticeable fall in volumes.
The major market indices were all making significant upward movements on Tuesday morning. The majority of cryptocurrency stocks were up on Tuesday, with the exception of “crypto bank” Silvergate, whose results during the current slump in the market came in weaker-than-expected.
