{"id":635667,"date":"2024-08-15T22:30:17","date_gmt":"2024-08-15T22:30:17","guid":{"rendered":"https:\/\/ktsl888.com\/?p=635667"},"modified":"2024-08-15T15:58:28","modified_gmt":"2024-08-15T15:58:28","slug":"bitcoin-observes-pullback-to-58000-the-cause","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-observes-pullback-to-58000-the-cause\/","title":{"rendered":"Bitcoin Observes Pullback To $58,000: Is This The Cause?"},"content":{"rendered":"

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.<\/p>\n

Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently<\/h2>\n

According to data from the market intelligence platform IntoTheBlock<\/a>, centralized exchanges have recently seen a Tether (USDT)<\/a> outflow spree exceeding $1 billion.<\/p>\n

Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom<\/a><\/div>\n

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.<\/p>\n

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 In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different.<\/p>\n

Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so.<\/p>\n

When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector.<\/p>\n

Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future.<\/p>\n

The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets.<\/p>\n

As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC.<\/p>\n

\"Tether
The USDT exchange outflow sprees that have occurred during the last few months | Source: IntoTheBlock on X<\/a><\/figcaption><\/figure>\n

In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations<\/a> as a result of the volatility that Bitcoin and other coins have displayed during the past day.<\/p>\n

Below is a table from CoinGlass<\/a> that sums up the liquidations that have occurred in the latest volatile market phase.<\/p>\n

\"Bitcoin
A large amount of liquidations seem to have taken place during this window | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total.<\/p>\n

Related Reading: Bitcoin ETFs Are \u201cImportant, But Not The Drivers,\u201d On-Chain Analyst Argues<\/a><\/div>\n

Interestingly, Ethereum (ETH)<\/a> is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC.<\/p>\n

\"Bitcoin
The breakdown of the liquidations by symbol | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

BTC Price<\/h2>\n

At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours.<\/p>\n

\"Bitcoin
Looks like the price of the coin has been moving sideways in recent days | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom 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 coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so. When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector. Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future. The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets. As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC. In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations as a result of the volatility that Bitcoin and other coins have displayed during the past day. Below is a table from CoinGlass that sums up the liquidations that have occurred in the latest volatile market phase. As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total. Related Reading: Bitcoin ETFs Are \u201cImportant, But Not The Drivers,\u201d On-Chain Analyst Argues Interestingly, Ethereum (ETH) is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC. BTC Price At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":635776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,87457,87744,1119,1144,4100,92895,10263],"class_list":["post-635667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-plunge","tag-bitcoin-pullback","tag-btc","tag-btcusd","tag-tether","tag-tether-exchange-outflow","tag-usdt"],"acf":[],"yoast_head":"\nBitcoin Observes Pullback To $58,000: Is This The Cause?<\/title>\n<meta name=\"description\" content=\"Bitcoin has observed a pullback down to $58,000 during the past day. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Observes Pullback To $58,000: Is This The Cause?","url":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-observes-pullback-to-58000-the-cause\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-observes-pullback-to-58000-the-cause\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/btc_bb1966.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/btc_bb1966.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin plunge","bitcoin pullback","btc","btcusd","tether","tether exchange outflow","usdt"],"dateCreated":"2024-08-15T22:30:17Z","datePublished":"2024-08-15T22:30:17Z","dateModified":"2024-08-15T22:30:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Observes Pullback To $58,000: Is This The Cause?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-observes-pullback-to-58000-the-cause\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-observes-pullback-to-58000-the-cause\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_bb1966.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_bb1966.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin plunge\",\"bitcoin pullback\",\"btc\",\"btcusd\",\"tether\",\"tether exchange outflow\",\"usdt\"],\"dateCreated\":\"2024-08-15T22:30:17Z\",\"datePublished\":\"2024-08-15T22:30:17Z\",\"dateModified\":\"2024-08-15T22:30:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/btc_bb1966.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/635667"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=635667"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/635667\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/635776"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=635667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=635667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=635667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}