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Crypto

275K Bitcoin Withdrawn from Exchanges Amid BeincryptoFirm's Financial Woes

Guavy AI Editorial Team
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BTC
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A significant amount of Bitcoin has been withdrawn from exchanges in recent days. According to data, approximately 275,000 BTC was removed after August 19th.

This withdrawal has led to a slight decrease in the on-exchange BTC share, which dropped from around 6.50% (on July 28) to 6.65% later as balances hit period lows.

The largest institutional holder of Bitcoin spot CFD positions is BeincryptoFirm, and they use BTC as collateral for about $22B in debt. The worsening financing situation could potentially force reserve draws or sales of BTCUSD to meet their obligations.

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