Daily Bitcoin Exchange Outflows Hit $518 Million

According to the data published by Glassnode, an on-chain analytics platform, daily Bitcoin exchange outflows reached the level of $518.6 million on 20 September. With inflows of $489.2 million, net flows came in at -$29.4 million.

Bitcoin was not the only crypto asset that suffered large exchange outflows yesterday. Glassnode’s data shows that the total ETH outflows touched $412 million yesterday, compared to inflows of $260.5 million. A similar trend was observed across the Tether network as USDT outflows reached $501.3 million, compared to inflows of $487.4 million.

Earlier this week, CoinShares, a leading European digital asset management firm, posted its weekly fund flows report and noted that BTC investment products attracted a total of $17 million last week, compared to the outflows of more than $15 million from ETH investment products.

Since the Ethereum Merge, the value of the second-largest crypto asset has dipped by more than 22%. Just in the last seven days, ETH has lost over 17% of its value. As a result, the exchange flows related to ETH have remained higher in the past few days compared to the flows of Bitcoin.

Bitcoin Network

Furthermore, the BTC network has witnessed an uptick in overall activity during the last 24 hours. Glassnode highlighted that the BTC open interest in perpetual futures contracts just reached a 1-month high of $454,650,000 on Deribi.

The active Bitcoin supply, on the other hand, reached 1.634 million BTC, which is the highest level in approximately four months. BTC’s median transaction volume (change-adjusted) (7d MA) reached a 2-year low of $288.67 on 21 September.