Crypto Exchanges See Large Bitcoin Outflows

The Bitcoin balance on leading cryptocurrency exchanges is plunging again after a brief period of inflows in the last month. According to the latest data published by Glassnode, Coinbase saw massive BTC outflows over the last few days.

The total Bitcoin balance of digital exchange Coinbase now stands at around 700,000 BTC, its lowest level since December 2017. “After a period of moderate BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins. This brings the total balance to just over 700k BTC. The last time the Coinbase Bitcoin balance was at this level was December 2017,” Glassnode mentioned.

Today, Bitcoin crossed the price level of $50,000 after a jump of nearly 6% in the last 24 hours. The cryptocurrency now has a market cap of approximately $940 billion. One of the major reasons behind the latest bullish rally in BTC is a surge in the exchange outflows of Bitcoin.

The demand for the world’s largest cryptocurrency increased substantially in the last 2 days due to the recent decline in the Bitcoin exchange supply ratio. Large BTC addresses holding between 100 and 10,000 BTC accumulated more than 40,000 coins during the last week.

Active Bitcoin Addresses

The total number of active BTC addresses saw a sharp increase in the last few days after the latest jump in the price of the world’s largest digital currency. Commenting on the Bitcoin network activity and BTC’s price action, on-chain analytics platform, Santiment, mentioned: “Bitcoin’s long-awaited return to $50,000 has finally arrived, and it comes with good on-chain support. The number of active addresses had its 4th best day in 4 months Wednesday, while token circulation has hit its highest daily mark since late July.”

Bitcoin is currently trading near $50,200. BTC’s crypto market dominance jumped by more than 2% within the last 24 hours. BTC now accounts for nearly 44.8% of the total crypto market cap, compared to 42.5% yesterday.

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