A Total of $15 Billion Worth of Crypto Is Being Moved on Exchanges Due to the Crypto Market Sell-off

Traders are moving billions from and into exchanges as market sell-off continues, where so far, a total of $15 billion worth of different cryptocurrencies was moved to the cryptocurrency market.

Traders are moving billions around and into exchanges as the market sell-off continues. So far, a total of $15 billion worth of different cryptocurrencies have been moved into cryptocurrency market.

A Massive Crypto Sell-off

The recent events have arisen due to the massive market sell-off which has led to an average drop of 13% across the whole cryptocurrency market.  

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Over the past week, exchanges noted approximately $15 billion in inflows of currencies such as Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).

According to data from Glassnode, last week alone $7.8 billion in BTC was moved into the market, while $7.7 billion was moved out.  $3.8 billion in Ethereum was injected, while $3.4 billion was withdrawn, and $4.1 billion in Tether was put in, while $4.4 billion was taken out.

Furthermore, the total capitalization of the cryptocurrency market dropped to $1.7 trillion in the last week, resulting in a $300 billion plummet.

On the Flipside

  • The only negative exchange flow was present on Tether due to the fact that traders withdrew $200 million more from exchanges than they initially deposited.
  • However, a negative flow for the biggest stablecoin suggests how much investors prefer more stable options, targeting USD exposure, rather than BTC exposure.

Why You Should Care

This trader behavior is closely linked to the performance of the largest cryptocurrency token Bitcoin (BTC), which dipped in value by more than 13%. 

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Altcoins such as Ethereum (ETH) and Cardano (ADA) have also been losing value and are trading at a discount when compared to their value last week.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia