Quick Take
On Nov. 7, Bitcoin broke above $35,000, triggering substantial movement within crypto exchanges. Data from Glassnode showed it was one of the largest single-day inflows this year, with exchanges witnessing a total of $370 million in inflows. This indicates a significant spike in investors willing to trade or sell their Bitcoin holdings at this price point.
Further analysis showed some exchanges saw more activity than others. Bitfinex recorded a substantial inflow of almost $160 million, the majority of it coming from a single large holder, or ‘whale’.
Bithumb and Crypto.com also reported inflows of $40 million and $60 million, respectively, the latter again coming from a single large whale.
The US-based exchange Coinbase saw a balanced movement with roughly $80 million each in inflows and outflows.
Interestingly, Poloniex saw an inflow of $20 million, marking its highest since May 22.
Kraken experienced a balanced $60 million in both inflows and outflows. Despite the considerable outflows nearing $200 million the day was characterized by a net positive inflow.
The post Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges appeared first on CryptoSlate.
