CryptoQuant: 'Earlier BitMEX Outflow Was a Wallet Change, Not Exodus'

IconCryptoNewsTerminal Staff10 Jul, 2024

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CryptoQuant: 'Earlier BitMEX Outflow Was a Wallet Change, Not Exodus'

CryptoQuant, an on-chain crypto analytics firm, has clarified that an earlier reported outflow of 35,486 Bitcoin (BTC) from BitMEX was not an exodus of funds, but rather a transfer to new wallets. CryptoQuant contributor joaowedson had initially suggested that the outflow could reduce Bitcoin sell pressure and potentially lead to a price increase. However, CryptoQuant's latest analysis indicates that the funds were simply moved internally by BitMEX. This clarification highlights the importance of carefully interpreting on-chain data and understanding the context behind large transactions. While outflows from exchanges can sometimes indicate a decrease in sell pressure, it is crucial to consider whether these outflows represent actual withdrawals or internal movements within the exchange.

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