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More Than $220M in Bitcoin Withdrawn from Crypto Exchanges Since the Halving

Written by:
Aaron Goldstein
Published on:
May/13/2020

So much of the end of the world coming following Bitcoin's third ever halving.  As of Wednesday night Eastern Standard Time, the largest cryptocurrency was trading at just over $9300, peaking at $9411 earlier in the day.  This represented an increase of more than 4%.

There has certainly been plenty of activity since the halving.

In mid-April, news.Bitcoin.com reported on a great number of BTC withdrawn from cryptocurrency trading platforms and after the third BTC halving, the trend has picked up once again. Data from Glassnode’s Bitcoin Exchange Net-Flow statistics show that close to 24,000 BTC has been withdrawn since May 11. Additionally, statistics from Bituniverse’s exchange reserve data indicate the same, but withdrawals are only affecting certain exchanges.

"In the hours before and after Bitcoin’s halving, exchange net flow decreased significantly. So far, the event has had no impact on 2020’s trend of investors withdrawing BTC from exchanges."

The price has slowly risen higher, and the overall hashrate lost a touch of hashpower, but nothing drastic like some skeptics predicted. It should also be noted that the tether (USDT) market briefly eclipsed XRP’s on May 12, and the overall supply of stablecoins has crossed a $10 billion valuation. USDT markets show that the market valuation of the stablecoin tether is $5.74 billion, or more than half the valuation of all the stablecoins in existence. After the bitcoin (BTC) halving on May 11, a number of users moved close to 24,000 BTC ($222 million) from centralized trading platforms, according to Glassnode’s Bitcoin Exchange Net-Flow statistics.

- Aaron Goldstein, Gambling911.com

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