Since the bitcoin halving on May 11, several users moved close to 24,000 BTC worth $222 million from centralized crypto exchanges, according to Glassnode’s Bitcoin Exchange Net-Flow statistics. However, the price of bitcoin has risen quite high since the reward halving event. The overall hashrate of the bitcoin network lost touch of hash power, but so far, nothing drastic has happened as some skeptics had predicted. The price of bitcoin is up over 9% in the last 24 hours.
“Exchange net flow decreased hours before halving significantly.”
On May 13, Glassnode tweeted that the Bitcoin Exchange Net-Flow subsided a hair, prior to the halving and following the event as well. Glassnode tweeted that the hours before and after Bitcoin’s halving, exchange net flow reduced significantly. So far, the event has had no impact on 2020’s trend of investors withdrawing the leading cryptocurrency from exchanges. Bitmex and Bitfinex have dropped down a number of notches since the beginning of the year in terms of reserve counts to move positions. The top five cryptocurrency trading platforms after the third halving event are Coinbase, Huobi, Binance, Okex, and Bitfinex. Glassnode’s statistics show that $200 million moved from some of the top cryptocurrency exchanges after the halving.
Bitcoin’s price surges post halvening event.
The price of bitcoin has seen a positive rally after the halving event on May 11. At the time of writing, the price of bitcoin is trading at just below $9,700 mark, up 8.5% in the last 24 hours. The leading cryptocurrency has a 24 hours volume of 50.3 billion USD. Bitcoin’s price post halving event was heavily speculated. Several traders and analysts had claimed that the recent bull run of bitcoin is fake, and big players are playing small traders using the halving narration, and some had predicted that this halving event would prove to be a “non-event.”
