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HomeOpinionsBitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges

Bitcoin’s surge past $35,000 sparks massive $370M inflow to exchanges


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The global crypto market cap is $1.35 trillion with a 24-hour volume of $41.88 billion. The price of Bitcoin is $35,897.17 and BTC market dominance is 51.8%. The price of Ethereum is $1,893.93 and ETH market dominance is 16.9%. The best performing cryptoasset sector is Oracle, which gained 14%.
Bitfinex, Bithumb, and Crypto.com witnessed major inflows as Bitcoin reached new heights.
On Nov. 7, Bitcoin broke above $35,000, triggering substantial movement within crypto exchanges. Data from Glassnode showed it was one of the largest single-day inflows this year, with exchanges witnessing a total of $370 million in inflows. This indicates a significant spike in investors willing to trade or sell their Bitcoin holdings at this price point.
Further analysis showed some exchanges saw more activity than others. Bitfinex recorded a substantial inflow of almost $160 million, the majority of it coming from a single large holder, or ‘whale’.
Bithumb and Crypto.com also reported inflows of $40 million and $60 million, respectively, the latter again coming from a single large whale.
The US-based exchange Coinbase saw a balanced movement with roughly $80 million each in inflows and outflows.
Interestingly, Poloniex saw an inflow of $20 million, marking its highest since May 22.
Kraken experienced a balanced $60 million in both inflows and outflows. Despite the considerable outflows nearing $200 million the day was characterized by a net positive inflow.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
Exploring the phenomena of inversion and un-inversion of the yield curve.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Bithumb is a cryptocurrency exchange platform based in South Korea.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity.
Poloniex is a US-based cryptocurrency exchange platform offering a wide variety of digital assets.
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
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