Bitcoin exchange inflow has fallen sharply in August — CryptoQuant
Despite transfers from the Mt. Gox bankruptcy estate and worries of a US government sell-off, Bitcoin ( BTC ) exchange inflows—the total number of BTC sent to exchanges— have dropped significantly since early August.
According to data from CryptoQuant, nearly 94,000 Bitcoin was transferred to exchanges on Aug. 4, followed by approximately 49,000 BTC sent to exchanges on Aug. 5, and roughly 51,000 BTC deposited to exchange wallets on Aug. 6.
Bitcoin exchange inflow. Source: CryptoQuant
Exchange inflows trended down for the rest of the month, with the most recent data for Aug. 20, showing 31,000 BTC sent to exchanges and indicating reduced selling pressure in the market.
Mt. Gox shifting funds contributing to selling pressure?
On Aug. 20, Mt. Gox moved 12,000 BTC , valued at roughly $709 million, to unknown wallets, marking the first time the defunct exchange has shifted funds in more than three weeks. According to data from Arkham Intelligence, wallets associated with the Mt. Gox exchange still hold 44,899 BTC, valued at roughly $2.7 billion at the time of writing.
Current Mt. Gox holdings. Source: Arkham Intelligence
The potential impact of the Mt. Gox distribution has been hotly debated by analysts for weeks. Recent data indicates that Mt. Gox creditors are generally holding their Bitcoin , and a mass sell-off from the creditors has not taken place.
Related: Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall
Bitpanda deputy CEO Lukas Enzersdorfer-Konrad explained to Cointelegraph that this could be explained by the demographics of the Mt. Gox creditors, who represent early adopters of the decentralized tech and waited 10 years for their reimbursement.
Rumors of US government sell-off
Rumors of a potential US government sell-off began to circulate after the government shifted 10,000 Bitcoin to an unmarked wallet address on Aug. 14. Like the recent Mt. Gox transfer, this US government transaction marked a high-profile transfer.
However, some analysts correctly pointed out that the transfer may not indicate plans to offload the Bitcoin. Ryan Lee, chief analyst of Bitget Research, recently told Cointelegraph that the transfer of Bitcoin could be custody-related and does not necessarily mean that the US government plans to sell those holdings.
Magazine: Bitcoin Halving will pump games, Shrapnel’s ‘simple’ secret revealed: Web3 Gamer
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cardano ($ADA) Google Searches Surge to 12-Month High
Cardano ($ADA) search interest hits a 12-month high on Google Trends, signaling growing investor curiosity.What This Means for Cardano’s Future

Did Peanut the Squirrel’s Run Slip Away? BTFD Coin’s Bulls Squad Is Exploding—Join Before It’s Too Late
Meme coins have taken over the crypto space, transforming internet culture into high-value assets.BTFD Coin’s Bulls Squad Is Leading the Meme Coin RevolutionPeanut the Squirrel—A Social Media Star Turned Meme Coin SensationFinal Words

Cardano ($ADA) Surges in Popularity with 224K Mentions
Cardano ($ADA) saw over 224K mentions in the last 7 days, signaling growing interest and engagement in the crypto space.$ADA Mentions Soar to 224K in a WeekWhat’s Driving the Hype?Could This Impact ADA’s Price?

Arctic Pablo Coin’s $0.000070 Entry Could Turn $1K into $114K—While Apu Apustaja & Act I: The AI Prophecy Make Waves in the Market
Explore the best new meme coins to join for long-term gains! Arctic Pablo Coin's presale explodes, Apu Apustaja surges, and Act I: The AI Prophecy takes AI crypto by storm.Earn While You Hold: Arctic Pablo Coin’s 66% APY Staking and Referral IncentivesApu Apustaja Surges as Community Interest PeaksAct I: The AI Prophecy Gains Traction as AI Crypto BoomsFinal Thoughts—Why Arctic Pablo Coin Stands Out

Trending news
MoreCrypto prices
More








