BitMEX sees massive Bitcoin outflow, hinting at long-term holding or selling pressure relief

IconCryptoNewsTerminal Staff10 Jul, 2024

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BitMEX sees massive Bitcoin outflow, hinting at long-term holding or selling pressure relief

BitMEX, a leading global cryptocurrency exchange, has recently witnessed its second-largest outflow of Bitcoin (BTC) ever, with a staggering 35,486 BTC leaving the platform. This significant movement of funds has sparked speculation among analysts. CryptoQuant contributor JoaoWedson highlighted this outflow, suggesting that it could indicate one of two possibilities. Firstly, investors may be opting to hold their BTC for the long term, anticipating future price appreciation. Secondly, they might be selling their BTC on other exchanges, which could potentially reduce selling pressure and contribute to a positive price trend for the cryptocurrency. It remains to be seen how this outflow will impact the broader BTC market. However, it serves as a reminder that institutional and retail investors alike are actively engaging with BTC and its potential for growth.

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