$1 billion worth of Bitcoin moved from exchanges – largest daily amount in a year | CoinDesk JAPAN
On-chain data continues to support the Bitcoin (BTC) bull market.
According to data from analysis firm Glassnode, on December 27, over 28,000 Bitcoins (approximately $1.19 billion, equivalent to approximately 168 billion yen, equivalent to 141 yen to the dollar) were exchanged for centralized crypto assets ( virtual currency) withdrawn from an exchange. This is the highest daily amount since December 14, 2022.
Net outflows from exchanges are believed to represent investors’ intent to store Bitcoin directly, a long-term holding strategy.
According to analytics firm CryptoQuant, more than 18,000 BTC was transferred on Coinbase alone. Coinbase is the custodian for 9 of the 12 proposed Bitcoin ETFs, and the crypto community on We speculate that institutional investors are making moves ahead of time.
Bitcoin balances in wallets associated with the exchange fell to 2,327,025 BTC, the lowest level since April 2018. This means less supply-side pressure and more potential for price increases.
At the time of writing, Bitcoin was trading at $42,700, up 158% since the beginning of the year, according to data from CoinDesk.
｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: Glassnode
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