💸 A leading exchange had a net outflow of 514 million USDT in 24 hours - what does this wave of operations imply?

Let's get straight to the conclusion:

This may not be the escape funds after the market is smashed, but 80% is inseparable from the selling pressure of ETH and BTC.

Judging from the traces left on the chain, ETH is most likely to be hammered down, and BTC is just running along.

Let's take a look at what is going 👇 on

💡 514 million USDT withdrawn from the exchange, what is the action behind it?

There are usually three types of net outflows of USDT scale:

Large investors sell coins into stablecoins and withdraw them directly (most common)

The withdrawal of institutional funds may adjust strategies or risk control requirements

Prepare to do things on-chain - borrow and mine, do LP, or cross-chain arbitrage

If it's the first one, then it's solid - someone is really smashing the goods.

🔍 Who has been beaten the most recently? ETH is obviously less sustained than BTC

The market of the past two days has been particularly interesting:

The liquidation volume of ETH bulls has remained high

Every rebound is like squeezing toothpaste, and it can't be pulled up at all

Large ETH sell orders keep appearing (the data is already there)

Whales are frantically rebalancing, and some people are even directly liquidating ETH

On the other hand, on the BTC side:

The overall structure is much more stable, and the price trend is relatively hard

Short liquidations are more frequent (indicating that the Air Force is suffering)

BTC showed no signs of continuous violent smashing

➡️ So if the 500 million USDT is really the money that ran away after smashing the market, it is likely to come from the sell-off of ETH.

📊 What would the market look like if it was BTC?

Every time BTC encounters a massive sell-off, there are distinct characteristics:

The amount of BTC deposits on exchanges has skyrocketed

Whale addresses are frequently cut and transferred

The BTC/USD pair has a terrifying long black candle

The number of short orders liquidated soared in reverse

But the reality of the last 24 hours is:

👉 BTC prices are relatively stable

👉 ETH is more volatile and the selling pressure is more direct

Reverse logic from the disk:

This wave is not smashing BTC, but more like ETH being sold in a concentrated manner.