Every day Bitcoin Trade Outflows Hit $518 Million

Alternate Outflows for Bitcoin, Ethereum, and Tether Reach New Highs According to data revealed by Glassnode, an on-chain analytics platform, daily Bitcoin exchange outflows reached $518.6 million on September 20th, with inflows of $489.2 million resulting in net flows of -$29.4 million. Similarly, Ethereum exchange outflows also saw a rise to a total of $412 million, compared to inflows of $260.5 million. Additionally, Tether outflows were reported to have reached $501.3 million, compared to inflows of $487.4 million. CoinShares, a leading European digital asset management firm, released its weekly fund flows report this week, noting that Bitcoin investment products attracted $17 million last week, in contrast to Ethereum investment products which experienced outflows of over $15 million. As the Ethereum Merge continues, the value of the second-largest crypto asset has seen a dip of more than 22%. In the past seven days alone, it has lost over 17% of its value, resulting in larger exchange flows related to ETH than Bitcoin. On the other hand, the BTC network has seen an increase in overall activity in the past 24 hours. Glassnode reported that Bitcoin open interest in perpetual futures contracts on Deribit reached its 1-month high of $454,650,000 on September 21st. The active Bitcoin supply also achieved its highest level in roughly 4 months, with 1.634 million BTC. In addition, BTC’s median transaction volume (change-adjusted, 7d MA) reached a 2-year low of $288.67 on the same day.