Between June 5 and June 11, miners sent digital gold worth $70.8 million to exchanges, analysts reported. Glassnode.
Across the past week #Bitcoin Miners have been sending a significant amount of coins to Exchanges, with the largest inflow equal to $70.8M.
This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021. pic.twitter.com/w4fNFMcxr4
— glassnode (@glassnode) June 11, 2023
According to experts, this is the third largest influx of the first cryptocurrency ever. The peak value of $101 million was recorded during the 2021 bull market.
According to a CryptoQuant report seen by The Block, bitcoin reserves on US crypto exchanges have fallen below 50% to 2017 levels. The dominance of the first cryptocurrency in the volume of spot trading in the country has decreased to 21%.
Assets are flowing overseas due to regulatory uncertainty in the United States, analysts say. Previously SEC filed lawsuits against Binance and Coinbase, accusing the companies of trading unregistered securities.
“American platforms have given way to offshore and international exchanges in terms of the amount of bitcoin their customers hold. […] The federal government and regulators are making it difficult for crypto businesses in the US,” CryptoQuant noted.
ETH holdings are also declining – about 56% of the total asset on exchanges is located outside the United States. In addition, in 2023, the market capitalization of US stablecoins fell by 35%, losing $15 billion.
Recall that Glassnode recorded an outflow of 10,500 BTC from Binance amid proceedings with the regulator.
According to Lookonchain, after the SEC lawsuit, many institutional and venture capital companies “buyed on the bottom”.
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