The latest pressure from the central banking system of the U.S. caused an outflow of Bitcoin (CRYPTO: BTC).
What happened: Coindesk reported around $670 million worth of Bitcoin just left centralized exchanges because of the Federal Reserve, according to the data provided by Glassnode, an on-chain data platform.
The outflow shows 18,000 BTC leaving exchanges, with BitMEX having the top amount of 9,500. This might help the markets gain a bullish run since there will be “fewer coins for sale.”
Griffin Ardern, a volatility trader at Blofin, told Coindesk, “The market sentiment is pessimistic, and liquidity appears to be accelerating its withdrawal from risky asset markets.”
“In the futures market, investors are already reluctant to pay more premiums for far-month futures. That’s a vital bearish sign,” he added.
See Also: What is Bitcoin?
BTC Price Action: According to data provided by CoinMarketCap, Bitcoin is 5.93% up at $37,767.56 at publication Friday.