IDR 22.4 Trillion Lost Due to Crypto Theft in Q1 2024

Previously, Bitcoin (BTC) had experienced a significant decline since the beginning of the month. Interestingly, despite the decline, there was a significant withdrawal from exchanges. Recently, Bitcoin has shown an interesting pattern regarding its flow on exchanges.

As reported by Coinmarketcap, (9/7/2024), analysis of flow data on CryptoQuant revealed that there were larger outflows than inflows in the past few days. The data highlights July 5 as a significant day, with a net outflow of over -68,500 BTC.

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 support levels.

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.

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.

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