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Bitcoin outflows from centralized exchanges rise to 100,000 BTC

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Bitcoin outflows from centralized exchanges rise to 100,000 BTC

The analysis company Glassnode notes an increased BTC outflow from centralized crypto exchanges. At the same time, other banks will become the portal to the crypto space.

After BTC had reached a high since the Flash Crash in mid-May two days ago, the digital store of value is now heading south again. The crypto reserve currency has to lose almost 4 percent overnight. This also reduces the weekly performance. In a direct comparison, BTC is still in the green area, but the gap is noticeably melting and is now a little over 3 percent. At press time, BTC is trading at $ 38,315.

The altcoin sector is also slightly in the red. All coins are in the red among the top 10 most valuable cryptocurrencies by market capitalization. The loss range is between 3 and 4 percent.

However, the fact that the rally is unlikely to be over can be seen in the BTC outflows that some crypto exchanges are recording. For example, the The Week On-Chain report from the Swiss analysis company Glassnode found that around 100,000 BTC found their way onto hardware wallets this month. The on-chain analyst estimates that only 13.2 percent of the circulating BTC are owned by crypto exchanges – a new annual low.

The tracking platform only reported a few hours ago Whale Alertthat 2,001 BTC, over $ 78 million, was transferred from Coinbase to an unknown wallet. If you follow the News ticker on Twitter, it is noticeable that the stocks of the US crypto exchange in particular are flowing into their own pockets. Investors seem to be more in Hodl or accumulation mode.

Wells Fargo enables customers to get started with BTC

Meanwhile, the adoption of cryptocurrencies continues. Just a month ago, we reported increasing acceptance of crypto assets when a partnership in the US unlocked cryptocurrency trading for 650 banks. Wells Fargo is now on the same footing and enables its customers to trade in BTC and Co. A company spokesman confirmed this Business Insider. Admittedly, the service is currently only available to wealthy customers.

American Bankers Association recommends partnerships with crypto companies

The recommends that banks should increasingly be a portal into the crypto world in the future American Bankers Association in a current report. Due to the growing interest on the part of customers and the increasing profitability of the crypto sector, financial institutions would have to increasingly implement options that create access to BTC and Co. A partnership with crypto companies is essential for this. You can also benefit from the speed of blockchain technology when processing cross-border payments. On the other hand, crypto service providers are dependent on the banking sector to ensure the deposit and withdrawal of fiat funds on their platform.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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