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Daily CEX Outflow of 2,000 BTC Points at an Accumulation

Published 07/13/2021, 07:30 AM
Updated 07/13/2021, 07:30 AM
© Reuters.  Daily CEX Outflow of 2,000 BTC Points at an Accumulation

  • Centralized exchange (CEX) outflows show an average daily outflow of about 2,000 BTC.
  • Glassnode reports that the CEX outflow could indicate a BTC accumulation.
  • Also, CEX deposit fees have dipped while withdrawal fees have spiked.

A surge in BTC outflows from centralized exchanges (CEX) suggests that the BTC market is in accumulation mode. Notably, since May about 2,000 BTC, currently worth about $66 million, has been flowing out of CEX daily.

At the same time, there has been a reduction in exchange on-chain transaction fees for deposits. The fees fell to 14% from 17% in May. On the other hand, withdrawal fees have spiked from 2.37% to 5.4% this month. The rise in withdrawal fees also points at a possible accumulation.

In addition, on-chain analysis firm, Glassnode, recently reported that BTC reserves on CEXs have fallen back to the pre-April ATH. Also, Glassnode alluded to Graysc...

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