HomeBitcoinInflows to Bitcoin exchanges hit decade-low following record-breaking $74K highs

Inflows to Bitcoin exchanges hit decade-low following record-breaking $74K highs


Bitcoin Exchange Inflows Plummet to Decade Lows: What Does This Mean for BTC?

Title: Bitcoin Exchange Inflows Plummet to Decade Lows, Reflecting Shift in Hodler Sentiment

Bitcoin exchange inflows have reached levels not seen in nearly a decade, according to data from on-chain analytics platform CryptoQuant. The figures show a significant decline in daily BTC inflows since the cryptocurrency’s all-time high of $73,800.

Traders are holding onto their Bitcoin instead of keeping it available for quick sale on exchanges. April and May of 2024 have seen some of the lowest daily inflows to major exchange accounts in the past 10 years. On April 20, only 8,400 BTC flowed into exchanges, a level not seen since Bitcoin was trading at less than $1,000 per coin.

This trend reflects a notable shift in hodler sentiment this year as Bitcoin investment enters a new era of institutional involvement. Despite short-term price volatility, the appetite for increasing exposure to BTC remains strong.

Market observers are cautioning against focusing too much on Bitcoin whale activity. Whales holding between 1,000 BTC and 10,000 BTC have not been consistently participating in the current uptrend cycle, according to CryptoQuant. This suggests that whales may not be willing to sell yet, as there may be demand outside of exchanges, particularly in the OTC market.

The introduction of new spot Bitcoin exchange-traded funds may be influencing the current market landscape, according to Checkmate, the lead on-chain analyst at data firm Glassnode. He emphasized that data around whale entities can be noisy and that true alpha is rarely extracted from whale watching.

It is important to note that this article does not contain investment advice or recommendations. Readers should conduct their own research before making any investment decisions.


Bitcoin ETF Inflows Reach $422.5M, the Highest in Six Weeks

Bitcoin ETFs See Surge in Demand as BTC Price Rallies The U.S.-listed exchange-traded funds tracking bitcoin's spot price are experiencing a surge in demand, with...

Despite Mt. Gox Payout Concerns, Bitcoin (BTC) Surges to $65K; Ripple’s XRP Leads Crypto Market Rally

Bitcoin Hits Four-Week High as Crypto Rebound Continues The crypto market is on fire as bitcoin (BTC) reached its highest price in four weeks, surpassing...

Do Ethereum’s smart contracts outperform those of its competitors?

Exploring Smart Contracts: A Comparative Analysis of Ethereum and its Competitors The Evolution of Smart Contracts: Ethereum vs Competitors Ethereum, created by Vitalik Buterin, has been...

DTX, a leading DeFi platform, unveils new privacy blockchain Render (RNDR) and welcomes Ripple (XRP) users.

Exciting Updates in the Crypto World: DTX Exchange, Ripple (XRP) Victory, and Render (RNDR) Rebranding Title: DTX Exchange Solves Traders' Problems, Ripple (XRP) Celebrates Legal...

Most Popular