Stablecoin Withdrawals Reach $800M on Jan. 30
• On Jan. 30, nearly $230 million of Bitcoin was sent to exchange addresses
• In addition, roughly $800 million of stablecoins were withdrawn from exchanges
• Almost half of this amount ($300 million) was BUSD being withdrawn from exchanges
On Jan. 30, 10,000 BTC was sent to exchange addresses, equivalent to around $230 million – the fifth largest inflow in three months. This influx of funds is indicative of the growing demand for cryptocurrencies and bullish sentiment in the market.
In addition to this Bitcoin influx, a significant amount of money left exchanges as well – roughly $800 million worth of stablecoins were withdrawn on the same day. Nearly half of this sum ($300 million) was BUSD being taken out. The total balance for stablecoins held on exchanges now sits at approximately $35.6 billion.
To provide an overview of the data: roughly 10,000 BTC was sent to exchange addresses on Jan. 30 (the fifth biggest inflow in three months), while nearly $800 million worth of stablecoins left exchanges with almost half ($300 million) being BUSD withdrawals. As a result, the current balance for stablecoins held on exchanges is sitting at around $35.6 billion.
The cryptocurrency market is continuing to show signs of strength and growth despite potential volatility in the short-term future as more investors enter and move funds into cryptoassets like Bitcoin and Ethereum; however it should be noted that trading digital assets involves risk and investors should do their own due diligence before making any investments or decisions related to cryptocurrencies or other digital assets