Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data.
Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently
According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion.
Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term.
For volatile assets like Bitcoin, exchange outflows can naturally be a bullish sign for this reason. In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different.
Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with c
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