Investing.com - Financial Markets Worldwide
⚠ NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Daily CEX Outflow of 2,000 BTC Points at an Accumulation

Published 07/13/2021, 07:30 AM
© Reuters. Daily CEX Outflow of 2,000 BTC Points at an Accumulation

  • Centralized exchange (CEX) outflows show an average daily outflow of about 2,000 BTC.
  • Glassnode reports that the CEX outflow could indicate a BTC accumulation.
  • Also, CEX deposit fees have dipped while withdrawal fees have spiked.

A surge in BTC outflows from centralized exchanges (CEX) suggests that the BTC market is in accumulation mode. Notably, since May about 2,000 BTC, currently worth about $66 million, has been flowing out of CEX daily.

At the same time, there has been a reduction in exchange on-chain transaction fees for deposits. The fees fell to 14% from 17% in May. On the other hand, withdrawal fees have spiked from 2.37% to 5.4% this month. The rise in withdrawal fees also points at a possible accumulation.

In addition, on-chain analysis firm, Glassnode, recently reported that BTC reserves on CEXs have fallen back to the pre-April ATH. Also, Glassnode alluded to Graysc...

Continue reading on CoinQuora

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.