Bitcoin Exchange Rocked by 3rd Largest Cash Outflow in 2024

Bittime - In the midst of Bitcoin price fluctuations that continue to attract the world's attention, an interesting phenomenon is occurring behind the scenes. Bitcoin exchange rocked by 3rd largest outflow in 2024.

The proof is that Bitcoin investors and users seem to be competing to withdraw their assets from cryptocurrency trading exchanges, indicating a significant shift in strategy among lovers of this digital currency.

Massive Bitcoin Withdrawal

The latest data from CryptoQuant, a leading on-chain analysis platform, shows a massive withdrawal of Bitcoin from exchanges on August 27, 2024. 

It was recorded that around 45,000 Bitcoins or the equivalent of IDR 42.3 trillion (assuming 1 Bitcoin = IDR 940 million) were withdrawn from various cryptocurrency exchanges in one day. This figure makes this date the day with the third largest Bitcoin withdrawal throughout 2024.

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This phenomenon occurred when the price of Bitcoin was experiencing a decline after briefly touching the $60,000 level (Rp. 924 million). Even though the price of Bitcoin has decreased, many investors actually see this as an opportunity to "buy the dip". 

This strategy is often used by long-term investors who believe that the value of Bitcoin will rise again in the future.

Outflow Bitcoin Tanda-Tanda Bullish?

Amr Taha, reported by CryptoQuant, explains that large net outflows generally signal bullish sentiment. 

“This usually indicates that investors are moving their Bitcoin off exchanges, possibly for long-term holding, thereby potentially reducing selling pressure in the market,” he said.

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This massive withdrawal was reflected in a decrease in the amount of Bitcoin held on major exchanges. As of August 27, 2024, the total Bitcoin stored on exchanges is only around 2,633,391 BTC. This figure represents a decrease of 12.5% ​​compared to 3,011,975 BTC recorded on January 1, 2024.

Although this pullback trend is considered a positive signal by many analysts, the short-term market situation is still full of challenges for Bitcoin bulls. Several attempts to break the $65,000 level (Rp. 1 billion) have failed. 

This causes frustration among traders. Justin Bennett, a popular trader, even predicts the possibility of Bitcoin prices returning to the $53,000 level (Rp. 816.2 million) in the near future.

Investor Confidence in Bitcoin

Despite short-term fluctuations, this massive withdrawal phenomenon shows the strong confidence of some investors in Bitcoin's long-term prospects. With the total Bitcoin stored on exchanges decreasing, the potential selling pressure in the market is expected to decrease.

For the general public, this development is a reminder of the unique dynamics of the cryptocurrency market which continues to evolve. 

While Bitcoin price remains the main focus for many people. Behind-the-scenes activity like this is often an important indicator of future market direction. 

However, as with all investments, it is important to always conduct in-depth research and consider the risks before diving into the tumultuous world of cryptocurrency.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.