The BTC outflow from digital platforms and the sale of assets by long-term Bitcoin investors were recorded.

Bitcoin is actively being sold and withdrawn from digital platforms

Over the past day, 38,2 thousand BTC were withdrawn from the Binance exchange to cold wallets, as indicated by data from CryptoQuant. At the current exchange rate, the amount withdrawn is about $2,36 billion. 

As a rule, the outflow of cryptocurrency to cold wallets indicates an increased demand. This is confirmed by analysts from Glassnode, who reported that big Bitcoin holders sold more than 39,5 thousand BTC worth about $2,5 billion over the last two weeks. However, the overall picture of BTC allocation is practically unaffected by this dynamic. Long-term Bitcoin investors accumulated about 62% of all Bitcoin cash in their accounts – about 13,34 million BTC, more than ever. Big crypto holders have increased their holdings by 2,4 million BTC since late April. 

The largest BTC outflow from digital platforms in 2021 was recorded on May 19, when the Bitcoin rate fell by almost 30% in a day. Users withdrew more than 175 thousand BTC for $7 billion at the exchange rate at that time. The current wave of BTC outflow began at the end of June, when the first cryptocurrency hit its local low. By mid-September, the number of Bitcoins on crypto exchanges dropped to a minimum in the last three years.

Author: Alex Golovakha