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[Crypto In and Out] ETH $57.3 million and BTC $20.3 million flow out... Large transfers to USDT
[Crypto In and Out] ETH outflow of $57.3 million, BTC outflow of $20.3 million... Large transfers to USDT
In the cryptocurrency market, large-scale cash-out funds are flowing into stablecoins, while at the same time, new buying funds centered around Bitcoin are also pouring in.
According to statistics from the cryptocurrency data website CryptoMeter as of 11:10 a.m. on the 7th, in the past 5 hours, ▲US dollars (USD) funds of $6.61 million ▲Brazilian real (BRL) $3.69 million ▲South Korean won (KRW) $1.26 million ▲Turkish lira (TRY) $662,000 have flowed into the cryptocurrency market.
Among the USD funds, $5.70 million flowed into Bitcoin, while most of the BRL and KRW were converted into USDT.
Within stablecoins, ▲USDC $6.09 million mostly went to BTC ($5.70 million), and ▲USDT $5.48 million was diversified across multiple cryptocurrencies.
The main inflow assets for the day were ▲Bitcoin (BTC) $11.53 million, ▲Toncoin (TON) $1.24 million, among others. In addition, inflows into various cryptocurrencies such as ORCA ($702,000), BIO ($885,000), DOGS ($927,000) were also observed.
Cryptocurrency Market Fund Outflow Trend / CryptoMeter
Judging from the fund outflow over the past 5 hours, ▲Ethereum (ETH) $57.36 million flowed out and ▲Bitcoin (BTC) $20.38 million flowed out, with most converting into USDT.
In addition, a cash-out trend was also confirmed in some altcoins such as ▲Dogecoin (DOGE, $4.11 million).
On that day, stablecoins—▲USDT—held a stable amount of $77.43 million, and cash-out operations were carried out into fiat currencies ▲KRW $10.19 million and ▲USD $10.01 million.