Third biggest outflow of Bitcoin from exchanges this year – driven by whales

Quick Take

• Yesterday was volatile for Bitcoin — hitting $26,500 and $28,600 in one day.
• The federal reserve raised 25bps, plus a conference with Powell that sent risk assets lower for the day.
• However, we understand now that liquidations were the main driver behind the drop in price for Bitcoin.
• While spot Bitcoin was bought from exchanges, roughly $360 million was the highest amount in USD this year.
• The third most amount of Bitcoin in 2023 — driven by whales of outflows greater than $1 million

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