Bitcoin has observed a pullback down to the $58,000 level during the past day. One reason behind this, according to on-chain data from IntoTheBlock, involves a large outflow of Tether (USDT) from centralized exchanges, exceeding $1 billion.
When investors withdraw their tokens, especially stablecoins like Tether, it might imply a lack of interest in short-term trading, which can be a bearish sign for volatile assets like Bitcoin.
Additionally, the cryptocurrency derivatives market saw significant liquidations due to the market's volatility, with $146 million in liquidations, $120 million of which came from long contracts.
Interestingly, Ethereum saw slightly more liquidations than Bitcoin during this phase. As of the latest prices, Bitcoin is trading around $58,800, marking a 4% decline in the last 24 hours.
