Third-largest YTD Bitcoin exchange withdrawal driven by whales
Definition
Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.
Quick Take
- Roughly $200 million of Bitcoin was withdrawn from exchanges yesterday, the third most year-to-date.
- March 7 saw Fed Chairman Powell testifying to the Senate, in addition to the Grayscale vs. SEC case.
- The exchange balance suggests Bitcoin was deposited on exchanges initially due to fears of higher interest rates.
- However, whales took an opportunity to withdraw large amounts of Bitcoin amid hysteria and volatility.
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