Thanks to the transparency provided by blockchain technology, every transaction can be followed up to the last point. Glassnode Alerts, who follows these transactions and shares them on Twiiter, says that while whales withdraw Bitcoin from exchanges, they leave an altcoin project on the exchanges.
Whales leave this altcoin project inside as they withdraw Bitcoin from exchanges
Glassnode Alerts reveals in a tweet on Tuesday that Bitcoin weekly deposits hit 2,021,750 BTC, hitting 2-year lows.
It is worth noting that this month it has reported large Bitcoin outflows from exchanges. While medium and large-scale investors continue to accumulate Bitcoin, approximately 151 thousand BTC left the exchanges. Investors with 10-100 BTC added 52,000 BTC to their wallets in just five weeks. Additionally, according to Glassnode, Bitcoin whales now hold about 45.6% of the supply. Medium-sized whales “sharks or shrimps” bought around 36.75k BTC each month.
However, miners capitulate to market conditions
On the other hand, miners and long-term mine owners face unrealized losses. Specifically, they were devastated by the fact that Bitcoin dropped over 70% from the ATH level. As a result, Bitcoin mining firm Bitfarms shared that they are currently selling 3000 to 4000 BTC per month. Miners sold 3000 BTC in June alone. Meanwhile, investors are pouring huge amounts of USD Coins (USDC) into exchanges, according to on-chain data.
Glassnode reveals USDC withdrawals are declining
Glassnode Alerts reveals in a tweet Monday that less USDC has been withdrawn from exchanges in recent weeks. Analytical firm points out that exits have reached 3-month lows.
Earlier, in June, we saw investors pour massive amounts of Tether USD (USDT) into exchanges. USD Coin (USDC), which saw significant growth last year, has been able to hold its own despite recent concerns around stablecoins. Additionally, its market cap has grown significantly as it comes close to overtaking Tether as the leading stablecoin. On the other hand, data provided by Glassnode Alerts shows that investors prefer to keep USDC on exchanges.
USDC had a tough time amid the crisis in the altcoin market
As you follow on Kriptokoin.com, as a result of the TerraUSD (UST) collapse, scrutiny on stablecoin projects has increased as investors worry about their support. In particular, Tether has been at the center of much of this concern as the mass bankruptcy of hedge funds triggered a redemption spike and resulted in a $16 billion drop in market value.
Circle is currently only $11 billion less than Tether by market cap. As a result, it remains the fourth largest crypto by market cap. Notably, USDC issuer Circle is currently pursuing a US crypto bank charter.
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