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Bitcoin Outflows Hit Rp 61.9 Trillion

Liputan6.com, Jakarta – Bitcoin (BTC) has been on a significant decline since the beginning of the month. Interestingly, despite the decline, there has been a significant withdrawal from exchanges. Recently, Bitcoin has shown an interesting pattern regarding its flow on exchanges.

Reported from Coinmarketcap(9/7/2024), flow data analysis on CryptoQuant reveals that there have been larger outflows than inflows in the past few days. The data highlights July 5th as a significant day, with a net outflow of over -68,500 BTC.

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In addition, this value is the highest this year, worth around USD 3.8 billion or equivalent to IDR 61.9 trillion (assuming an exchange rate of IDR 16,290 per US dollar). The following day also recorded a large outflow, with more than -12,550 BTC leaving the exchange, worth around USD 730.9 million or equivalent to IDR 11.9 trillion.

Typically, such a move can be interpreted as a bullish signal, indicating that asset holders prefer to hold onto their assets rather than sell them, even when Bitcoin breaks through the levels support.

This behavior often reflects a collective expectation among investors that prices will recover, prompting them to withdraw their holdings to their wallets.

On the other hand, AMBCrypto’s analysis of Bitcoin on the daily timeframe chart highlights that its long moving average, depicted by the blue line, is currently acting as an immediate resistance level.

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Analysis from IntoTheBlock that focuses on the profitability of Bitcoin holders shows that many are currently losing money. The Global In/Out of Money Index reveals that around 5.43 million addresses, accounting for nearly 64% of all holders, are losing money on Bitcoin.

In contrast, around 2.87 million addresses, representing nearly 34% of holders, are in profit.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for the profits and losses arising from investment decisions.

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Bitcoin Outflows Hit Rp 61.9 Trillion

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