Investors Turn Bullish as Bitcoin Exchange Reserves Drop to 1-Year Low
According to data from glassnode, reserves on cryptocurrency exchanges fell to a 12-month low. This coincides with a reported mass outflow of BTC from Coinbase.
On June 6, various media outlets reported that Coinbase may sell its blockchain intelligence arm Coinbase Analytics to the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA). Following the reports, there was a surge in BTC outflow from the exchange.
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