CryptoQuant Alert: 477.1 Billion Won Worth of BTC Deposited into Major Exchanges

IconCryptoNewsTerminal Staff30 Jul, 2024

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CryptoQuant Alert: 477.1 Billion Won Worth of BTC Deposited into Major Exchanges

In the last hour, major cryptocurrency exchanges Coinbase Prime, Coinbase Advanced, and Bitstamp received a significant influx of Bitcoin (BTC). According to CryptoQuant's on-chain data analysis platform, a total of 5,147.47 BTC, valued at approximately 477.1 billion won ($429.3 million), was deposited into these exchanges. CryptoQuant indicates that this large deposit could potentially impact the market, potentially leading to increased trading volume or price fluctuations. This news follows a recent trend of increased institutional adoption of cryptocurrencies, with major companies and investors allocating portions of their portfolios to digital assets. The influx of BTC into major exchanges could be a sign of continued institutional interest and growing confidence in the cryptocurrency market. Investors and traders should closely monitor market movements and news developments to make informed decisions regarding their cryptocurrency holdings.

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