Quick Take
Yesterday was volatile for Bitcoin — hitting $26,500 and $28,600 in one day.
The federal reserve raised 25bps, plus a conference with Powell that sent risk assets lower for the day.
However, we understand now that liquidations were the main driver behind the drop in price for Bitcoin.
While spot Bitcoin was bought from exchanges, roughly $360 million was the highest amount in USD this year.
The third most amount of Bitcoin in 2023 — driven by whales of outflows greater than $1 million
Net Transfer Volume BTC : (Source: Glassnode)Net Transfer Volume USD : (Source: Glassnode)
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