Despite the negative performance of the crypto market, large amounts of Bitcoin (BTC) were withdrawn from exchanges.
According to the latest Glassnode data, cryptocurrency investors pulled $1.6 billion worth of Bitcoin (BTC) from exchanges.
$1.6 Billion Bitcoin (BTC) Withdrawn
Large exits from cryptocurrency exchanges are generally considered positive for the market because they are followed by selling pressure. But despite massive Bitcoin outflows, BTC’s net flow remains negative at $360 million, while net flow remains positive for Ethereum.
Amid the downtrend, Bitcoin lost about 12% of its value and went down.
According to another data published by Glassnode, long-term cryptocurrency investors and whales have started to actively sell their assets.
Other on-chain metrics also revealed that demand for Bitcoin remains low and the market is trending downward as investors are not actively entering the market. Indicators such as the Fear and Greed index also show that the market is far from positive once again.
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