BIG Week for BITCOIN: 100,000 Bitcoins Removed From Exchanges

Institutional Crypto Research Written by Experts

Author

Markus Thielen
June 09, 2024

👇1-11) Currently, near the top of its range, Bitcoin faces a challenge in breaking above new all-time highs. This can be attributed to the Bitcoin halving on April 20. Following this event, the minting of stablecoins notably slowed down, and wallets holding $>10m in stablecoins declined. This trend is currently impeding Bitcoin from surpassing its all-time highs.

👇2-11) Over the past month, a substantial amount of Bitcoins, worth $6.75bn, were withdrawn from exchanges (-97k BTC, nearly -100k BTC). This record-breaking movement was primarily driven by two US-focused exchanges, Kraken (-55k BTC or $3.8bn) and Coinbase (-24k BTC or $1.7bn). The previous week, $771m was moved off exchanges, a significant figure compared to the 13.5k BTC issued last month. The only exchange with a substantial inflow was Tether’s Bitfinex exchange (7.2k BTC). As a comparison, Bitcoin ETFs have bought roughly $3.9bn worth of Bitcoins (or 56k BTC) during the last month.

👇3-11) Similarly, a substantial amount of Ethereum, worth $1.9bn, was removed from exchanges last month. However, the flows of Ethereum between exchanges have been mixed. Inflows were recorded from Binance and Coinbase, while outflows were observed from Bitfinex and Kraken. In the previous week, only $56m worth of Ethereum was removed from exchanges, indicating a notable slowdown in the outflow. Demand for Ethereum has been slowing in various forms (here).

Bitcoin’s 71,946 is the most important level now

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