Inflows into Crypto Exchanges Have Decreased This Month: Opinion
The transfer of Bitcoin from the Mt. Gox bankruptcy estate and concerns about a potential US government selloff have both contributed to a decrease in Bitcoin exchange inflows since early August.
Recent data from CryptoQuant shows a significant decline in the amount of Bitcoin being sent to exchanges, despite concerns about a potential United States government sell-off and transfers from the Mt. Gox bankruptcy estate.
Between August 4 and August 6, there were 94,000 BTC, 49,000 BTC, and 51,000 BTC transferred to exchanges, respectively.
However, exchange inflows decreased for the rest of the month, with only 31,000 BTC sent on August 20, indicating a decreased market selling pressure.
On the same date, Mt. Gox transferred 12,000 BTC, worth $709 million, to unknown wallets, the first time in over three weeks that the defunct exchange has moved funds. As per data from Arkham Intelligence, the Mt. Gox wallets still hold 44,899 BTC, valued at approximately $2.7 billion.
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