Bitcoin daily withdrawals challenge records as $2B leaves exchanges

Learn Bitcoin

hero member

Activity: 462

Merit: 767

#SWGT CERTIK Audited

Quote from: ImThour on March 03, 2024, 12:49:12 PM

It's a great news however we shouldn't always rely on these On-chain transactions, we never know if the address which the money is going is doesn't related to the exchange itself.
Truly a bullish news ahead of the Bitcoin Halving. Let me know your thoughts on this! Cheesy

I guess this information is correct because I have seen another chart where it was represented that exchange reserves are getting too low for the first time since 2017, which means people have started to move their funds to their wallets. There are some buying pressure as well. If that chart is correct, then this chart is correct as well, and this is good news, to be honest.

We are heading into the bull run (I guess we are in a bull run already), and people are taking out their coins from exchanges. This will make bitcoin more decentralized. If exchanges hold a large amount of Bitcoin, it is risky for Bitcoiners.

DaveF

legendary

Activity: 3458

Merit: 6231

Crypto Swap Exchange

Quote from: ImThour on March 03, 2024, 01:47:52 PM

Quote from: OmegaStarScream on March 03, 2024, 01:07:11 PM

Glassnode should be more than capable of doing the proper analytics and figuring out whether the funds were sent back to the same/another exchange or not (at least the big ones). So that number should be accurate I would say.

I expect them to do that too however they can't figure it out if a new wallet is created by Binance or other exchange until and unless there are more than 1 transactions to that specific wallet.
That's the drawback of the on-chain analysis. However, 90% of these are going to be true so still, it's a huge amount of outflow from the exchanges. I surely think we will see some huge volume before Halving. Maybe a new ATH? Let's see.

What you have to do is go back and look at how many times we have seen these outflow events and then go back and see how many times they were right and how many times they were wrong. Then you have to look at how many times there were outflows from exchanges but they were moves to other exchanges that have not moved the coins to their cold storage / known address yet.

And so on.

But it does make a good headline.

-Dave

Apocollapse

hero member

Activity: 924

Merit: 728

It could be the exchanges withdraw the coins to their own cold storages, I still believe most people hold their coins in exchanges.

Quote from: Ayers on March 04, 2024, 04:04:24 AM

I'm also skeptical about this onchain data. I don't know if this is a reliable source of information so we can follow the market's money flow or if this is what the market makers want us to see and believe. People who follow the school of technical analysis trust these data sources very much and they consider them as a measure to determine market trends. But some never trust on-chain data.

Look, this is nothing different with those self pro claimed professional trader is promising to get rich by trading, in his group he will share ~~his~~ fake signal and he wrote "trading is high risk of losing money, DWYOR, myself (self pro claimed professional trader) won't liable with any losses".

They create the statistics, but they didn't completely trust with their own stats lol.

Quote

Disclaimer: Exchange balances presented are derived from Glassnode's comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange's reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

I'm also skeptical about this onchain data. I don't know if this is a reliable source of information so we can follow the market's money flow or if this is what the market makers want us to see and believe. People who follow the school of technical analysis trust these data sources very much and they consider them as a measure to determine market trends. But some never trust on-chain data.

Quote from: ImThour on March 03, 2024, 01:47:52 PM

I surely think we will see some huge volume before Halving. Maybe a new ATH? Let's see.

That has been and is still happening since the bitcoin ETF was approved, the flow of money into the ETF is still increasing every day. Today bitcoin is trading above $64k again, a new ATH this year or before halving is what everyone is expecting Wink

.

MusaMohamed

sr. member

Activity: 882

Merit: 290

This chart for Coinbase Prime inflow can help with more information. Cryptoquant says that there are still available bitcoins in OTC market and it does not drop to zero.

I think of this like demands on OTC market, higher than previously, can help to reduce selling pressure on Spot market. In the past, if sellers on OTC market fail to find buyers, they will sell in Spot market and affect price directly. Now they no longer have to do this so by this thinking, I see positively that even capital from Bitcoin Spot ETFs have yet come to Spot market, it is still good.

adaseb

legendary

Activity: 3738

Merit: 1708

Some exchanges basically leave sometimes the customers deposit at the deposit address for long periods of time before sweeping it. They do this due to fees pretty much. Sometimes if fees are low they can sweep their customer deposit BTC at once.

But this doesn’t happen daily or weekly, unless it’s perhaps a large transfer. So they might seem like a exchange withdraw but it might be leading to an exchange deposit, only this data lags because the BTC aren’t swept immediately.

Chibaba

newbie

Activity: 83

Merit: 0

Quote from: TheVeteranAngel on March 03, 2024, 01:57:55 PM

Quote from: ImThour on March 03, 2024, 01:47:52 PM

Quote from: OmegaStarScream on March 03, 2024, 01:07:11 PM

Glassnode should be more than capable of doing the proper analytics and figuring out whether the funds were sent back to the same/another exchange or not (at least the big ones). So that number should be accurate I would say.

I expect them to do that too however they can't figure it out if a new wallet is created by Binance or other exchange until and unless there are more than 1 transactions to that specific wallet.
That's the drawback of the on-chain analysis. However, 90% of these are going to be true so still, it's a huge amount of outflow from the exchanges. I surely think we will see some huge volume before Halving. Maybe a new ATH? Let's see.

There have been inflow of more funds to exchanges like Bitget, Bybit and OKX recently. Though Binance share is unmatched but the recent restrictions across several region particularly the latest one from Nigeria has forced a lot of investors to transfer out large amount of volumes from the exchange.

It would be very difficult for any exchange to compete with Binance trading volume but ya those exchanges have built something solid for themselves to attract users the 'bit' Messi exchange.

But is this withdrawal challenge an event by an exchange or whales trying to kill our bull run vibes?

TheVeteranAngel

newbie

Activity: 67

Merit: 0

Quote from: ImThour on March 03, 2024, 01:47:52 PM

Quote from: OmegaStarScream on March 03, 2024, 01:07:11 PM

Glassnode should be more than capable of doing the proper analytics and figuring out whether the funds were sent back to the same/another exchange or not (at least the big ones). So that number should be accurate I would say.

I expect them to do that too however they can't figure it out if a new wallet is created by Binance or other exchange until and unless there are more than 1 transactions to that specific wallet.
That's the drawback of the on-chain analysis. However, 90% of these are going to be true so still, it's a huge amount of outflow from the exchanges. I surely think we will see some huge volume before Halving. Maybe a new ATH? Let's see.

There have been inflow of more funds to exchanges like Bitget, Bybit and OKX recently. Though Binance share is unmatched but the recent restrictions across several region particularly the latest one from Nigeria has forced a lot of investors to transfer out large amount of volumes from the exchange.

ImThour

copper member

Activity: 1386

Merit: 1481

Bitcoin Bottom was at $15.4k

Quote from: OmegaStarScream on March 03, 2024, 01:07:11 PM

Glassnode should be more than capable of doing the proper analytics and figuring out whether the funds were sent back to the same/another exchange or not (at least the big ones). So that number should be accurate I would say.

I expect them to do that too however they can't figure it out if a new wallet is created by Binance or other exchange until and unless there are more than 1 transactions to that specific wallet.
That's the drawback of the on-chain analysis. However, 90% of these are going to be true so still, it's a huge amount of outflow from the exchanges. I surely think we will see some huge volume before Halving. Maybe a new ATH? Let's see.

OmegaStarScream

staff

Activity: 3402

Merit: 6065

Quote from: ImThour on March 03, 2024, 12:49:12 PM

It's a great news however we shouldn't always rely on these On-chain transactions, we never know if the address which the money is going is doesn't related to the exchange itself.
Truly a bullish news ahead of the Bitcoin Halving. Let me know your thoughts on this! Cheesy

Glassnode should be more than capable of doing the proper analytics and figuring out whether the funds were sent back to the same/another exchange or not (at least the big ones). So that number should be accurate I would say.

ImThour

copper member

Activity: 1386

Merit: 1481

Bitcoin Bottom was at $15.4k

Quote

Bitcoin daily withdrawals challenge records as $2B leaves exchanges

https://cointelegraph.com/news/bitcoin-daily-withdrawals-records-2b-exchanges

It's a great news however we shouldn't always rely on these On-chain transactions, we never know if the address which the money is going is doesn't related to the exchange itself.
Truly a bullish news ahead of the Bitcoin Halving. Let me know your thoughts on this! Cheesy

Topic: Bitcoin daily withdrawals challenge records as $2B leaves exchanges (Read 131 times)