Bitcoin [BTC] experienced a subdued day yesterday, the 28th of August, with the leading cryptocurrency facing declines across various markets
Bitcoin (CRYPTO: BTC) experienced a day of declines in both spot trading and U.S. markets on August 28th. This coincided with a massive outflow of 44,808 BTC (over $2.6 billion) from Binance in the last 24 hours.
The large-scale Bitcoin withdrawal follows allegations that Binance seized Palestinian assets at the request of Israeli authorities. Amid backlash, Binance quickly unfroze the accounts.
This significant Bitcoin withdrawal is bound to impact the price of BTC, potentially in both directions.
On the one hand, the Bitcoin may be being held for long-term gains, which could drive the price higher. On the other hand, a large sell-off could lead to a price decline, given the substantial amount involved.
The Bitcoin market could be shaken by this move.
Past 24 hours have also seen 66,423 traders liquidated, amounting to $161.12M. The largest single liquidation occurred on Bybit’s BTC/USD pair for $3.52 million, followed by a $12.67 million liquidation on Binance’s ETH/BTC pair the day before.
These events have contributed to over $4.8 billion in liquidations for August 2024, the highest since 2021, with two days still remaining.
As the market matures and grows heavier, participants are taking on larger leverage, leading to increased losses during strong market movements.
Bitcoin ETFs also saw a net outflow of $105.19 million on August 28th, the same day as the Binance BTC withdrawal.
Ark & 21Shares’ $ARKB led the outflows with $59.27 million, followed by Fidelity’s $FBTC, VanEck’s $HODL, and Grayscale’s $GBTC with $10.37 million, $10.07 million, and $7.98 million outflows, respectively.
These continued negative events raise concerns about BTC’s ability to recover, as its price action hovers around the $60K mark.
However, Bitcoin is known to have a negative correlation with stablecoins, and their supply may help BTC recover from its recent losses.
In the last 24 hours, over $67 million in USDC has been minted, $70M in USDC has been transferred to an unknown wallet, and another $100 million USDT is being transferred to Bitfinex.
This comes as stablecoin graphs are close to reaching all-time highs, which could indicate a reversal for Bitcoin and other cryptocurrencies.
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