$811 Million USDC Withdrawn from Centralized Exchanges in 24 Hours
The cryptocurrency market has seen a decline, with Bitcoin and major altcoins dropping from their highs. Key points include:
- Global market capitalization fell from $4.2 trillion to $3.8 trillion since August 14.
- Investor sentiment index decreased from 68 to 42.
- Bitcoin dropped to $108,000; Ethereum fell to $4,200.
- Approximately 811 million USDC was withdrawn from centralized exchanges (CEXs) in 24 hours, led by Coinbase with 688 million USDC.
- Current USDC on exchanges stands at 11.5 billion, down from 12.3 billion on August 15.
- USDT experienced a 318 million token outflow from CEXs.
USDC withdrawals can indicate cautious investor behavior amid market uncertainty. However, they may also suggest increased DeFi participation, as total value locked in decentralized finance rose to $152 billion. Additionally, there might be strategic institutional purchases occurring off-exchange.
Overall, stablecoin withdrawals could reflect quiet confidence rather than fear.