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CryptoQuant analysts highlighted a set of massive outflows from centralized exchanges. Coinbase saw the largest volume following the Fed’s cutting interest rates. The first block contained 8,093 BTC, while the second 2,557 BTC before the hour.
Outflows from centralized exchanges point to improved market sentiments as users seek long-term holdings. Meanwhile, flows to these exchanges often result in offloads due to ease of transaction. As a result, the market faces high sell pressure on mounting inflows to Binance and Coinbase.
