Bitcoin exchange outflows have been turning for the better recently. What had predicated this was a long week of inflows surpassing outflows, solidifying the fact that it was a seller’s market. However, the tide has begun to turn as the Monday numbers are in. Bitcoin exchange outflows have now surpassed inflows by a large margin.
Investors Are Accumulating
Glassnode has published exchange inflow and outflow data which points toward an accumulation trend among investors. For the start of the week, the inflows into centralized exchanges had touched $1.1 billion, a high number. But the outflows came out even higher. Bitcoin investors have moved $1.4 billion out of centralized exchanges in the last day. This has resulted in a negative net flow of -$325.3 million.Related Reading | Negative Sentiment Deepens In Crypto, Why Recovery May Not Last
📊 Daily On-Chain Exchange Flow
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➡️ $1.1B in
⬅️ $1.4B out
📉 Net flow: -$325.3M
➡️ $476.0M in
⬅️ $487.0M out
📉 Net flow: -$11.0M (ERC20)
➡️ $510.1M in
⬅️ $383.7M out
📈 Net flow: +$126.4M
Bitcoin Whales Not Left Out
It is no surprise that bitcoin whales are often seen accumulating when the price of the digital asset is down. For most, this presents an opportunity for them to get as many coins as they can at a discounted price, causing them to increase their holdings significantly. This time around, the number of addresses holding more than 10K BTC has seen one of the most apparent accumulation trends. It reached a new all-time high and there are now , marking a new 15-month high.BTC price reverses as it drops to $31,500 | Source:The number of . This number has risen to 3,525,636, suggesting that not only are the whales accumulating, but smaller bitcoin addresses are also jumping in on the action.
Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market
and is now sitting at a six-month low. There has been a little over 1.19 million BTC that have been active in the last 1-3 months. The previous low was 1.2 million BTC which was recorded at the beginning of December 2021. Bitcoin is trading at $31,700 at the time of this writing. The recovery trend which had begun on Monday continues to grow stronger causing the digital asset to cement its position above $31,000.Featured image from VOI, chart from TradingView.com
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