Crypto dot com records highest Bitcoin inflow since FTX collapse

Quick Take

Crypto.com has recently experienced an unprecedented influx of Bitcoin, with the volume reaching around $50 million. Compared to the inflows seen by larger exchanges in recent weeks, this may not seem significant.

However, this surge underlines a noticeable trend of increased activity even on smaller exchange platforms.

Exchange Netflow: Crypto.com (Source: Glassnode)
Exchange Netflow: Crypto.com (Source: Glassnode)

This inflow serves as the highest since the collapse of FTX in November 2022 and was primarily driven by a large whale. Historically, such inflows and outflows at Crypto.com have been closely correlated with considerable price movements, potentially signaling a period of increased market volatility.

In 2023, the crypto market witnessed a significant pattern where a considerable inflow or outflow followed a substantial inflow or outflow. Specifically in the months of March, April, and June. Given this trend, it raises the question – are we on the cusp of another massive outflow?

Notably, Crypto.com holds approximately 47,000 BTC on their exchange, a figure that has remained relatively stable throughout 2023. Yet, the recent surge in inflows could be forecasting a shift in this equilibrium, signifying a potential market trend that warrants close monitoring.

Exchange Balance: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)

The post Crypto dot com records highest Bitcoin inflow since FTX collapse appeared first on CryptoSlate.

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  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%