Market Moves

Bitcoin again faced rejection near $37,500 early Friday as the futures tied to the S&P 500 dropped 0.9%, signaling continued risk aversion. Ether and the wider crypto market also nursed losses, with Terra's LUNA falling to two-month lows under $50.

Blockchain data provided by Glassnode shows that more than 18,000 bitcoin worth $670 million left centralized exchanges on Thursday, registering the biggest single-day net outflow in over a month. Crypto exchange BitMEX alone saw net outflow of over 9,500 bitcoins.

Most investors prefer to have direct custody of coins when they intend to hold them for a longer term. Thus, net outflows are widely taken to represent bullish sentiment.

Increased outflow perhaps indicates that investors have stepped up bitcoin accumulation, shrugging off prospects of faster interest-rate hikes from the U.S. Federal Reserve