4,597 BTC Deposited Into Multiple Exchanges: What Does It Mean?

IconCryptoNewsTerminal Staff18 Jul, 2024

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4,597 BTC Deposited Into Multiple Exchanges: What Does It Mean?

4,597.90 BTC (worth 411.6 billion won) has been deposited into Coinbase Prime, Coinbase Advanced, and Bitstamp over the last hour, according to CryptoQuant. CryptoQuant explains that "For an exchange that supports custody, large inflows are likely to be custodial clients' deposits." This news comes after Bitcoin recently hit a new all-time high of $69,000. The influx of BTC into exchanges could indicate that some investors are taking profits or preparing to sell. However, it could also be a sign that institutional investors are increasing their exposure to Bitcoin. Only time will tell what the long-term implications of this large BTC deposit will be. However, it is certainly a sign that the cryptocurrency market is continuing to grow and mature.

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