Crypto Exchanges Register Record Bitcoin and Ethereum Outflows

This week saw a significant surge in Bitcoin (BTC) leaving centralized exchanges, reaching levels not seen since June 2023, as reported by the crypto analytics firm IntoTheBlock.

Lucas Outumuro, the head of research at IntoTheBlock, conducted a fresh analysis tracking the netflows of the leading cryptocurrency. Netflows gauge the movement of Bitcoin into and out of centralized crypto exchanges by subtracting withdrawals from deposits.

Outumuro highlights that this week witnessed a total net outflow of $540 million worth of Bitcoin from centralized crypto exchanges, marking the highest weekly outflow in eight months. IntoTheBlock views this movement of BTC away from exchanges as a positive indicator for the top cryptocurrency’s market sentiment.

The analysis also shows a notable 32.2% decrease in Bitcoin’s fees, which Outumuro attributes to a decline in ordinal-related activities. According to the analyst, fees serve as indicators of both spending willingness and demand for usage.

Additionally, Ethereum (ETH) saw a net outflow of $370 million from centralized exchanges this week, marking the seventh consecutive week of outflows for the smart contract platform. Meanwhile, ETH’s fees experienced a 14.6% decrease.

As of the time of writing, BTC is trading at $50,850, experiencing a 2.5% decrease over the past seven days. On the other hand, ETH is trading at $2,928, showing a more than 4% increase over the same period and maintaining its position as the second-ranked cryptocurrency by market capitalization.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.