{"id":418943,"date":"2024-08-30T05:30:07","date_gmt":"2024-08-30T00:00:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=418943"},"modified":"2024-08-29T15:01:52","modified_gmt":"2024-08-29T09:31:52","slug":"bitcoins-rough-day-over-44k-btc-pulled-amid-controversy-what-now","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoins-rough-day-over-44k-btc-pulled-amid-controversy-what-now\/","title":{"rendered":"Bitcoin&#8217;s rough day: Over 44K BTC pulled amid controversy &#8211; What now?"},"content":{"rendered":"<ul>\n<li><em>Binance faces massive Bitcoin withdrawal amid backlash.<\/em><\/li>\n<li><em>Liquidations intensify as Bitcoin EFTs face negative net flow.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> experienced a subdued day yesterday, the 28th of August, with the leading cryptocurrency facing declines across various markets, including spot trading and Bitcoin ETFs popular in the U.S. Markets.<\/p>\n<p>The market downturn coincided with a massive outflow of 44,808 BTC, worth over $2.6 billion, withdrawn from Binance in the last 24 hours.<\/p>\n<p>This significant Bitcoin withdrawal followed allegations that Binance seized Palestinian assets at the request of Israeli authorities. Amid backlash, Binance quickly unfroze the accounts.<\/p>\n<figure id=\"attachment_418951\" aria-describedby=\"caption-attachment-418951\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.31_4e88c1af.jpg\"><img decoding=\"async\" class=\"wp-image-418951 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.31_4e88c1af.jpg\" alt=\"\" width=\"1200\" height=\"1153\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.31_4e88c1af.jpg 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.31_4e88c1af-300x288.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.31_4e88c1af-1024x984.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.31_4e88c1af-768x738.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-418951\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p>This massive outflow of Bitcoin is likely to impact the price of BTC, with potential effects in both directions.<\/p>\n<p>First, the Bitcoin may be held for long-term gains, possibly driving the price higher.\u00a0On the other hand, a large sell-off could lead to a price decline, given the substantial amount involved the Bitcoin market could be shaken,<\/p>\n<h2><strong>Massive liquidations<\/strong><\/h2>\n<p>Additionally to the Binance withdrawal, past 24 hours have seen 66,423 traders liquidated, amounting to $161.12M.<\/p>\n<p>The largest single liquidation occurred on Bybit\u2019s BTC\/USD pair for $3.52 million, followed by a $12.67 million liquidation on Binance\u2019s ETH\/BTC pair the day before.<\/p>\n<figure id=\"attachment_418952\" aria-describedby=\"caption-attachment-418952\" style=\"width: 780px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_368d1a5f.jpg\"><img decoding=\"async\" class=\"wp-image-418952 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_368d1a5f.jpg\" alt=\"\" width=\"780\" height=\"352\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_368d1a5f.jpg 780w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_368d1a5f-300x135.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_368d1a5f-768x347.jpg 768w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><\/a><figcaption id=\"caption-attachment-418952\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>These events have contributed to over $4.8 billion in liquidations for August 2024, the highest since 2021, with two days still remaining.<\/p>\n<p>As the market matures and grows heavier, participants are taking on larger leverage, leading to increased losses during strong market movements.<\/p>\n<figure id=\"attachment_418953\" aria-describedby=\"caption-attachment-418953\" style=\"width: 1369px\" class=\"wp-caption alignleft\"><img decoding=\"async\" class=\"size-full wp-image-418953\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_ec847064.jpg\" alt=\"\" width=\"1369\" height=\"396\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_ec847064.jpg 1369w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_ec847064-300x87.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_ec847064-1024x296.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_ec847064-768x222.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_ec847064-1200x347.jpg 1200w\" sizes=\"(max-width: 1369px) 100vw, 1369px\" \/><figcaption id=\"caption-attachment-418953\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<h2><strong>Bitcoin ETFs face negative NetFlow<\/strong><\/h2>\n<p>The massive BTC withdrawal from Binance also affected ETFs, which saw a net outflow of $105.19 million on August 28th, the same day as the Binance BTC withdrawal.<\/p>\n<p>Ark &amp; 21Shares&#8217; $ARKB led the outflows with $59.27 million, followed by Fidelity\u2019s $FBTC, VanEck\u2019s $HODL, and Grayscale\u2019s $GBTC with $10.37 million, $10.07 million, and $7.98 million outflows, respectively.<\/p>\n<figure id=\"attachment_418948\" aria-describedby=\"caption-attachment-418948\" style=\"width: 2560px\" class=\"wp-caption alignleft\"><img decoding=\"async\" class=\"wp-image-418948\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_0d49abdb.jpg\" alt=\"\" width=\"2560\" height=\"2369\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_0d49abdb.jpg 710w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/WhatsApp-Image-2024-08-29-at-10.51.30_0d49abdb-300x278.jpg 300w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption id=\"caption-attachment-418948\" class=\"wp-caption-text\">Source: Soso Value<\/figcaption><\/figure>\n<p>These continued negative events raise concerns about BTC&#8217;s ability to recover, as its price action hovers around the $60K mark.<\/p>\n<h2><strong>Will stablecoin supply help Bitcoin recover?<\/strong><\/h2>\n<p>Despite the massive BTC withdrawal from Binance, widespread liquidations, and negative ETF outflows, there is hope that Bitcoin&#8217;s negative correlation with stablecoins could lead to a turnaround.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p>The last 24 hours have seen over $67 million in USDC minted, $70M in USDC transferred to unknown wallet and another $100 million USDT being transferred to Bitfinex.<\/p>\n<figure id=\"attachment_418946\" aria-describedby=\"caption-attachment-418946\" style=\"width: 1224px\" class=\"wp-caption alignleft\"><img decoding=\"async\" class=\"wp-image-418946 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWBZSNRXwAA1_kg.jpeg\" alt=\"Bitcoin\" width=\"1224\" height=\"584\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWBZSNRXwAA1_kg.jpeg 1224w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWBZSNRXwAA1_kg-300x143.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWBZSNRXwAA1_kg-1024x489.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWBZSNRXwAA1_kg-768x366.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWBZSNRXwAA1_kg-1200x573.jpeg 1200w\" sizes=\"(max-width: 1224px) 100vw, 1224px\" \/><figcaption id=\"caption-attachment-418946\" class=\"wp-caption-text\">Source: Token Terminal<\/figcaption><\/figure>\n<p>This influx of stablecoins into the market could inflate prices and potentially drive Bitcoin higher. With stablecoin graphs near all-time highs, a reversal for Bitcoin and other cryptocurrencies could be on the horizon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Massive Bitcoin withdrawals from Binance and liquidations raise concerns about BTC price recovery.<\/p>\n","protected":false},"author":98,"featured_media":418991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-418943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin&#039;s rough day: Over 44K BTC pulled amid controversy - What now? 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