Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
$2.68B in outflows as crypto exchanges face market pressure

$2.68B in outflows as crypto exchanges face market pressure

GrafaGrafa2024/10/08 08:25
By:Liezl Gambe

Major crypto exchanges have experienced significant capital outflows totaling $2.68 billion over the past month. 

This trend, based largely on stablecoin withdrawals, suggests short-term price pressure for the market. 

Despite this, investors maintain a positive outlook for the fourth quarter. 

DefiLlama’s CEX Transparency data reveals that nine out of ten monitored exchanges reported negative inflows, with most of the outflows attributed to stablecoins. 

The balance of stablecoins on exchanges fell from $38.5 billion to $35 billion, a $3.5 billion decline. 

Stablecoin outflows are often seen as a lack of buying pressure, indicating that investors are not ready to increase their portfolios at this time. 

Adding to the concern, BlackRock executed its second major Bitcoin (CRYPTO:BTC) withdrawal in 2024. 

Based on CryptoQuant’s data, BlackRock’s ETF-linked address saw the removal of 256 BTC. 

BlackRock’s total Bitcoin holdings now exceed 340,000 BTC, but its accumulation has slowed. 

The last notable withdrawal occurred in May when Bitcoin’s price fell below $60,000. 

The reduction in stablecoin liquidity, coupled with BlackRock’s withdrawal, has caused some uncertainty among investors. 

Coinglass’s ETF Net Inflow data shows that three of the first five trading days in October recorded negative inflows, indicating caution among Bitcoin ETF investors. 

Despite these concerns, optimism remains for Bitcoin’s performance in the fourth quarter. 

According to Timothy Peterson, an investor who tracks historical price movements, Bitcoin may rebound toward the end of October. 

He stated, "Most of 'Uptober' doesn't start until after the 19th. Be patient." 

If stablecoin outflows continue and Bitcoin balances in ETFs keep declining, the market may struggle to achieve gains in October, but positive momentum is expected later in the quarter. 

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!