TL; DR failure:
- Bitcoin outflows have reached more than $ 10 billion in the last seven days, regardless of the recent market crash.
- The balance of exchange offices has also reached its lowest level in the last three years.
Bitcoin sentiment changed sharply from more than $ 52,000 to below $ 45,000 last Tuesday amid a sudden price correction. The Bitcoin market currently appears to be in a downturn. However, regardless of the price drop, the exit of Bitcoin is no different from before the sudden fall last week.
Glassnode Chain Analysis Platform Accepted This is in today’s tweet, which shows that more investors are gathering and HODLing. This trend is considered to keep BTC in a healthy uptrend.
More than $ 10 billion in bitcoin outflows
Over the past seven days, about $ 10.8 billion in bitcoins were transferred from exchanges to foreign wallets. Bitcoin outflows last week had a net negative flow of -1.2 billion dollars, which means that the number of outflows during these times was more than inflows ($ 9.6 billion). Ether (ETH) also recorded a net negative flow of -545.4 million dollars per glassnode.
This trend shows to some extent that investors are still positive about the future price of Bitcoin, regardless of the recent price correction, which is mostly due to the large liquidity in the derivatives market. As such, more people are collecting and transferring their coins from centralized exchanges to foreign wallets, possibly for HODLing.
Obviously, the BTC balance in exchanges is steadily declining, which coincides with the record of bitcoin outflows.
Currency balance at its lowest level in 3 years
The analytics platform also shared that the bitcoin inventory in all exchanges has reached its lowest level in the last three years, 2.47 million bitcoins.
As more BTC leaves the exchanges, there will be less supply for institutions and retail investors, which means scarcity. Its effect on price may not be immediately felt. However, watching it is an upward trend and also shows the market demand and interest in the largest digital currency. At the time of writing, BTC was trading at $ 44,458 on CoinMarketCap.