CandleFocus Crypto Exchanges See $2.68 Billion Exit as Market Faces Short-Term Price Pressure
2024-10-08
Author: Content Editor
Public data from crypto exchanges shows that capital has been flowing out of the market over the past month, with negative inflows reported by 9 out of 10 monitored exchanges. The total amount of funds flowing out of these exchanges reached over $2.68 billion, mostly consisting of stablecoins. This lack of stablecoin liquidity on exchanges suggests a lack of buying pressure and potentially hinders upward price movements. Additionally, BlackRock's total Bitcoin holdings have exceeded 340,000 BTC, but recent data shows a slowdown in accumulation and a significant withdrawal, which may raise concerns among retail investors. Data from Coinglass's ETF Net Inflow also indicates caution among Bitcoin ETF investors in October. However, despite the current trends, some investors predict a positive Q4 for Bitcoin, with potential rebound expected toward the end of the month.
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