Despite the recent correction, where Bitcoin (BTC) lost around 20% of its value in a week, on-chain data shows that the liquidity crisis could escalate. In just three days, exchanges saw the issue of more than 23,000 cryptocurrencies valued at more than $1.3 billion. cryptocoin.com As we have reported, more than one sleeping whale wallet has also taken action. Ali Martinez on-chain
$1.3 billion worth of Bitcoin was withdrawn from exchanges in the last three days
Citing data from blockchain analytics firm Glassnode, crypto analyst Ali Martinez outlines recently enhanced Bitcoin withdrawals from cryptocurrency trading platforms. On-chain data reveals that regardless of Bitcoin’s price drop, the number of withdrawals has seen a dramatic increase in the past few days. Overall, more than 23,000 cryptocurrencies were removed from exchanges.
The above BTC exits coincided with recent reports showing that one of its biggest whales continues on a buying spree and has amassed more than $200 million in assets within days. The entire amount received from the exchanges is still significantly larger than the purchases of these particular whales, which means that some of the withdrawals may be internal transfers. Still, the number of Bitcoins sitting in trading centers has dropped significantly over the days, which should reduce the selling pressure.
BTC investors have not lost yet
As mentioned above, Bitcoin experienced a major correction after reaching its peak price of $69,000 earlier in the week. It lost 20% in about ten days and hit the weekly low at $55,705.18. As expected, it hurt investor positions in the meantime. Other data from the analytics company reveals that over 17% of the total BTC supply goes “underwater,” meaning only 83% remains in profit.
When the #Bitcoin market experiences a large sell-off, the change in profitable supply indicates of how many coins have an on-chain cost basis above the current price.
Since the ATH, over 17% of the $BTC supply has fallen underwater, leaving 83% of the supply in profit.
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— glassnode (@glassnode) November 19, 2021
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