Crypto exchanges are seeing significantly higher outflows of US dollars than inflows over the last 24 hours as bitcoin price hovers tentatively around the psychological $10K support.
Bitcoin Volatility Sends Exchange Users Packing
Tweeting on Monday (July 15, 2019), TokenAnalyst revealed that on-chain inflows for major bitcoin exchanges have been much lower than outflows in the last 24 hours. This trend indicates panic selling as the bitcoin price looks likely to fall below $10,000.
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— TokenAnalyst (@thetokenanalyst) July 15, 2019
Bitcoin is down more than 20% in the last five days since crossing $13k last Wednesday (July 10, 2019). That particular move above $13,000 was the second such occurrence in 2019.
These outflows may be a minor shakeout of weak hands who might have been hopeful for a sustained run beyond $13,000. With the bitcoin price hovering above the $10,300 support level, there is a concern that the top-ranked crypto might lose ground on the gains accrued since June.
According to TokenAnalyst, Bitstamp has seen the largest BTC outflow. As at press time, total withdrawals over the last 24 hours stands at $159 million against just $69 million in deposits.
Other leading crypto exchanges, including Binance and Bittrex have also reported disproportionately higher withdrawal amounts than deposits as their customers exit the volatile market in droves.
Mid-Summer BTC Blues Strikes Again
The previous price march above $13,000 in late June saw a decline that bottomed out at $9,800.