Bitcoin Exchange Inflows Plummet to 2-Year Low

Bitcoin Sellers 'Dry Up' as Weekly Exchange Inflows Hit 2-Year Low

Bitcoin (BTC) is showing signs of a potential bullish market as exchange inflows reach their lowest levels in nearly two years. According to Axel Adler Jr., a contributor to CryptoQuant, the average daily BTC inflows to major exchanges have dropped significantly, from 81,000 BTC in November to just 29,000 BTC. This represents a 64% decline in selling pressure since November 2024.

On March 23, the seven-day average inflows hit their lowest point since May 2023, a time when Bitcoin was trading below $30,000. Currently, Bitcoin prices are nearly three times higher, suggesting that the market has absorbed profit-taking waves effectively. Analysts are optimistic about a potential bull market correction in 2025, with Adler noting that the market has successfully weathered the challenges following Bitcoin's rise above $100,000.

"The market has successfully absorbed waves of profit-taking following the break above $100K," said Axel Adler Jr.

Meanwhile, Binance, one of the largest global exchanges, has seen a significant reduction in BTC inflows from short-term holders. Only 6,300 BTC were sent to Binance, compared to an average of 24,700 BTC sent to other exchanges. This trend indicates a more neutral stance among traders, despite warnings of potential short-term inflow upticks.

Key Takeaways:

Bitcoin exchange inflows have dropped by 64% since November 2024.
Seven-day average inflows are at their lowest since May 2023.
Binance inflows from short-term holders are significantly lower than other exchanges.

Source: Cointelegraph

Coinbase Logs Worst Quarter in Two Years Amid Economic Uncertainty

Coinbase, one of the leading cryptocurrency exchanges, has reported its worst quarterly performance in two years. The company has faced significant challenges due to ongoing economic uncertainty, which has impacted its stock performance. This marks a notable downturn for the exchange, which has been a key player in the crypto industry.

The broader economic environment, including fluctuating interest rates and regulatory pressures, has contributed to the decline. While specific financial figures were not disclosed, the report highlights the growing challenges faced by crypto exchanges in navigating volatile markets and regulatory landscapes.

Key Takeaways:

Coinbase experienced its worst quarter in two years.
Economic uncertainty and regulatory pressures are key factors in the decline.

Source: Fortune

OKX Appoints Linda Lacewell as Chief Legal Officer

Crypto exchange OKX has announced the appointment of Linda Lacewell as its new Chief Legal Officer (CLO). Lacewell, who previously served as Superintendent and head of the New York Department of Financial Services, joined OKX as a board member last year. Her leadership comes at a critical time as the exchange expands into key markets such as Europe and the UAE.

This appointment follows the departure of Mauricio Beugelmans, the former CLO, who left the company after OKX faced penalties exceeding $500 million from the U.S. Department of Justice (DOJ). The DOJ accused OKX of facilitating over $5 billion in suspicious transactions and criminal proceeds. Beugelmans stated that he left to pursue other opportunities within the crypto industry.

Key Takeaways:

Linda Lacewell appointed as OKX's Chief Legal Officer.
Her appointment follows the departure of Mauricio Beugelmans amid DOJ penalties.
OKX is focusing on expansion into Europe and the UAE.

Source: CoinDesk

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