- The US Securities and Exchange Commission’s (SEC) regulatory pressures on cryptocurrencies have caused shockwaves in the wider crypto market, leading to a significant drop.
- Important cryptocurrencies such as MATIC, Cardano (ADA), and Solana (SOL) experienced double-digit losses throughout the day, while Bitcoin’s decline was relatively modest compared to its altcoin competitors.
- According to Glassnode’s on-chain data, Bitcoin Outflows from Exchanges (7d MA) reached a monthly high of $39,781,339.94.
Bitcoin and the crypto market started the day in the red, but Bitcoin outflow volumes on crypto exchanges are increasing.
Bitcoin Outflows from Exchanges Reach 1-Month High
The US Securities and Exchange Commission’s (SEC) regulatory pressures on cryptocurrencies have caused shockwaves in the wider crypto market, leading to a significant drop. Important cryptocurrencies such as MATIC, Cardano (ADA), and Solana (SOL) experienced double-digit losses throughout the day, while Bitcoin’s decline was relatively modest compared to its altcoin competitors.
According to Glassnode’s on-chain data, Bitcoin Outflows from Exchanges (7d MA) reached a monthly high of $39,781,339.94. This figure surpassed the previous monthly high of $39,556,958.79 recorded on June 9, 2023. The term “outflow from exchanges” refers to the total amount of Bitcoin withdrawn from centralized exchange wallets.
Bitcoin Outflows from Exchanges Volume
This trend follows the last wave of users moving their crypto assets from exchanges facing legal action from the SEC. As previously reported by COINOTAG, the federal agency has filed lawsuits against Coinbase and Binance, significant players in the crypto sector.
Investors typically withdraw their BTC from exchanges for long-term storage purposes. This behavior leads to a shortage of supply, particularly considering the increasing demand for Bitcoin. Therefore, a decrease in selling pressure on BTC is generally a positive signal for the crypto asset.
Bitcoin Shows Resilient Price Action Against Market Turmoil
Despite market turmoil, recent data shows that Bitcoin enthusiasts who prefer to hold onto their assets rather than make quick profits remain steadfast. According to Glassnode’s data, these investors continue to accumulate BTC at a rate of 37,400 tokens per month. This accumulation demonstrates a strong belief in Bitcoin’s long-term value and potential.
At the time of writing, Bitcoin’s price is trading at $25,635 and has experienced a 3% drop in the last 24 hours. In contrast, this leading cryptocurrency has experienced a 6% drop in the previous seven days.
