Daily Bitcoin Exchange Outflows Hit $518 Million

<p>According to the <a href="https://twitter.com/glassnodealerts/status/1572450550930866176" target="_blank">data</a> published by Glassnode, an on-chain analytics platform, daily Bitcoin exchange outflows reached the level of $518.6 million on 20 September. With inflows of $489.2 million, net flows came in at -$29.4 million.</p><p>Bitcoin was not the only crypto asset that suffered large exchange outflows yesterday. Glassnode’s data shows that the total ETH outflows touched $412 million yesterday, compared to inflows of $260.5 million. A similar trend was observed across the Tether network as USDT outflows reached $501.3 million, compared to inflows of $487.4 million.</p><p>Earlier this week, CoinShares, a leading European <a href="https://www.financemagnates.com/tag/digital-asset/" target="_blank">digital asset</a> management firm, posted its weekly fund flows report and noted that BTC investment products attracted a total of $17 million last week, compared to the outflows of more than $15 million from ETH investment products.</p><p>Since the Ethereum <a href="https://www.financemagnates.com/cryptocurrency/news/ethereum-merge-goes-live-eth-touches-1600/" target="_blank">Merge</a>, the value of the second-largest crypto asset has dipped by more than 22%. Just in the last seven days, ETH has lost over 17% of its value. As a result, the exchange flows related to ETH have remained higher in the past few days compared to the flows of Bitcoin.</p><p>Bitcoin Network</p><p>Furthermore, the BTC network has witnessed an uptick in overall activity during the last 24 hours. Glassnode highlighted that the BTC open interest in perpetual futures contracts just reached a 1-month high of $454,650,000 on Deribi.</p><p>The active Bitcoin supply, on the other hand, reached 1.634 million BTC, which is the highest level in approximately four months. BTC’s median transaction volume (change-adjusted) (7d MA) reached a 2-year low of $288.67 on 21 September.</p> This article was written by Bilal Jafar at www.financemagnates.com.

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