Fast Take
Since October 2023, there was a persistent decline in alternate withdrawals. As per the present information from Glassnode, Bitcoin withdrawals from exchanges have reached a four-year low, numbering merely 35,000 Bitcoin. On the contrasting aspect, Bitcoin deposits onto exchanges keep a better determine, with 56,500 Bitcoins being at present accounted for.
Curiously, from December 2023, deposits significantly outpaced withdrawals because the divergence continued to develop. Although deposits themselves are trending downwards, they proceed to overshadow withdrawals considerably. This disparity between deposits and withdrawals has swelled to one of many highest ranges in years, portray a noteworthy image of the Bitcoin market dynamics.
Earlier than the launch of the Bitcoin ETF on Jan. 11, deposits peaked in opposition to withdrawals. This commentary underscores a bigger inflow of cash onto exchanges, doubtlessly corroborating the ‘promote the information’ occasion the place Bitcoin briefly touched $49,000 earlier than plummeting beneath $40,000.
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