Daily Bitcoin Exchange Outflows Hit $518 Million

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According to the data published by Glassnode, an on-chain analysis platform, daily Bitcoin exchange outflows reached the level of $518.6 million on September 20. With inflows of $489.2 million, net outflows came in at -$29.4 million.

Bitcoin wasn’t the only crypto asset to suffer major exchange outflows yesterday. Glassnode’s data shows that total ETH outflows touched $412 million yesterday, compared to inflows of $260.5 million. A similar trend was observed across the Tether network as USDT outflows reached $501.3 million, compared to inflows of $487.4 million.

Earlier this week, CoinShares, a leading European digital asset management company, published its weekly fund flow report and noted that BTC investment products attracted a total of $17 million last week, compared to the outflows of more than $15 million from ETH investment products.

Since the Ethereum Merge, the value of the second largest crypto asset has decreased by more than 22%. In the last seven days alone, ETH has lost more than 17% of its value. As a result, the exchange flows related to ETH have remained higher in the past days compared to the Bitcoin flows.

Bitcoin Network

In addition, the BTC network has witnessed an increase in overall activity over the last 24 hours. Glassnode highlighted that BTC open interest on perpetual futures contracts recently reached a 1-month high of $454,650,000 on Deribi.

The active Bitcoin supply, on the other hand, reached 1.634 million BTC, which is the highest level in about four months. The average transaction volume of BTC (volatility-adjusted) (7d MA) reached a 2-year low of $288.67 on 21 September.

According to the data published by Glassnode, an on-chain analysis platform, daily Bitcoin exchange outflows reached the level of $518.6 million on September 20. With inflows of $489.2 million, net outflows came in at -$29.4 million.

Bitcoin wasn’t the only crypto asset to suffer major exchange outflows yesterday. Glassnode’s data shows that total ETH outflows touched $412 million yesterday, compared to inflows of $260.5 million. A similar trend was observed across the Tether network as USDT outflows reached $501.3 million, compared to inflows of $487.4 million.

Earlier this week, CoinShares, a leading European digital asset management company, published its weekly fund flow report and noted that BTC investment products attracted a total of $17 million last week, compared to the outflows of more than $15 million from ETH investment products.

Since the Ethereum Merge, the value of the second largest crypto asset has decreased by more than 22%. In the last seven days alone, ETH has lost more than 17% of its value. As a result, the exchange flows related to ETH have remained higher in the past days compared to the Bitcoin flows.

Bitcoin Network

In addition, the BTC network has witnessed an increase in overall activity over the last 24 hours. Glassnode highlighted that BTC open interest on perpetual futures contracts recently reached a 1-month high of $454,650,000 on Deribi.

The active Bitcoin supply, on the other hand, reached 1.634 million BTC, which is the highest level in about four months. The average transaction volume of BTC (volatility-adjusted) (7d MA) reached a 2-year low of $288.67 on 21 September.



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