Middle East risks accelerate crypto outflows...Bitcoin sees $230 million in withdrawals in one day
Summary
- It was reported that geopolitical instability in the Middle East has intensified due to the U.S. involvement in the Iran-Israel war.
- There was a net outflow of about $231 million from Bitcoin in just one day.
- Large-scale withdrawals from major cryptocurrencies have been reported, indicating rising risk aversion.
Amid growing geopolitical instability in the region as the United States becomes involved in the Iran-Israel war, risk aversion is spreading throughout the virtual asset (cryptocurrency) market. Notably, it was found that major assets such as Bitcoin (BTC) and Ethereum (ETH) saw large-scale withdrawals in just one day.
According to data from Coinglass on the 21st (local time), about $231 million worth of spot bitcoin was withdrawn from the market over the past 24 hours. Ethereum also saw $160.56 million leave the market. Among the top-ranked cryptocurrencies by market capitalization, the stablecoin USD Coin (USDC) posted a net outflow of $92.72 million, Solana (SOL) saw $73.93 million, and Dogecoin (DOGE) saw $26.78 million in net outflows.
This is interpreted as large-scale outflows from major crypto assets due to increased demand for safe-haven assets amid heightened geopolitical risks in the Middle East.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
!['Easy money is over' as Trump pick triggers turmoil…Bitcoin tumbles too [Bin Nansa’s Wall Street, No Gaps]](https://media.bloomingbit.io/PROD/news/c5552397-3200-4794-a27b-2fabde64d4e2.webp?w=250)
![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)