Bitstamp crypto exchange was the only one to report an increase in flow as all of the centralized bitcoin exchanges reported a decline in activity for the past month as we read in some of the best cryptocurrency news sites.
The data from TokenAnalyst shows that Bitstamp was the only one with an increased flow of activity. Major crypto exchanges such as Bitfinex and Binance saw their inflows and outflows declining over the last 30 days suggesting a decrease in activity but on the other side, the Bitstamp crypto exchange noted an increase in the bitcoin outflow. OKEx also recorded some increase in inflow and outflow of USDT. The Bitcoin trading volume as per the analysis has also decreased during the same period. The increased activity might also lead us to the whales as the twitter account Whale Alert reported that 1.002 bitcoins which are worth about $10.3 million were transferred to Bitstamp to an unknown wallet. Also, more than 55,000 ETH worth more than $10 million was moved from the same exchange to also an unknown wallet.
Over the past few weeks, there were also some huge bitcoin transactions worth hundreds of millions of dollars moved from Okex which made us believe that the crypto exchange might be hacked. However, the CEO of the exchange Jay Hao called for calm stating that it was only a scheduled wallet maintenance procedure. We don’t have information whether the Bitstamp transactions were a part of a similar maintenance event which has caused the influence of the outflow. Another possible reason why that happened could be the increased activity that the institutional investors from the UK made by using the exchange to purchase and sell crypto. The European exchange also partnered with a brokerage company the BCB group which allows transfers in British pounds.
As per the data from TokenAnalyst which we discussed in the previous altcoin news, we can see that the stablecoin’s activity is also increasing over the week compared to the previous week. The inflow of stabelcoins on all exchanges during the week was $469 million which shows an increase of 26 percent. The outflow of stablecoins was standing at about $573 million which is an increase in 41 percent in weekly terms.
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