After Bitcoin (BTC) recently pushed through the $40,000 mark and has continued its multi-day rally upward, there’s been a substantial outflow of the popular digital asset from various crypto exchanges.
In a matter of only 15 days, around 61,000 Bitcoin has been taken off the exchanges, according to a chart by the on-chain analytics platform Glassnode, shared by Bitcoin Archive on March 22.
Based on the price of Bitcoin price at press time, the amount that left exchanges equates to roughly $2.6 billion.
Specifically, the amount of Bitcoin on these exchanges 15 days prior to the time of publication was around 2.57 million BTC, while at press time, the exchange wallets held almost 2.51 million BTC.
15,000 BTC taken off exchanges in 24 hours
Of the total amount of Bitcoin removed from the exchanges, as much as 15,000 BTC or around $638 million was taken off over the course of just one day, as per data from another crypto analytics company IntoTheBlock, shared that same day.
According to IntoTheBlock, this is the largest outflow since January 29, 2022. The platform also added that:
“The last time BTC experienced a large outflow, it was followed by a significant rise in price.”
Canadian Purpose Bitcoin ETF holdings break records, while price advances
Notably, this breaks the previous record of 34,760 BTC, set on March 3, 2022, in keeping with Glassnode data tweeted by the market analyst Jan Wüstenfeld on March 22.
Finally, Bitcoin’s price at the time of publication stood at $42,556, demonstrating growth of 8.78% from seven days before when it traded under the crucial $40,000 mark at $39,120.
The market capitalization of the largest cryptocurrency in this sense was $807.90 billion, a growth of $64.77 billion over the course of just one week has been witnessed since then, CoinMarketCap data shows.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.