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Cryptocurrency News Articles
Bitcoin Exchange Inflows Hit Decade-Low as Institutions Flock to Crypto
May 10, 2024 at 04:01 am
Bitcoin Exchange Inflows Plummet to Decade-Low as Institutional Interest Surges
Data from on-chain analytics platform CryptoQuant reveals a significant decline in Bitcoin (BTC) exchange inflows, reaching levels not witnessed in almost a decade.
Daily BTC inflows have been steadily decreasing since the cryptocurrency's peak price of $73,800 in November 2021. As of April and May 2023, major cryptocurrency exchanges have recorded some of the lowest daily inflows in ten years. On April 20th, a mere 8,400 BTC entered exchanges, a figure reminiscent of the period when the coin's value was below $1,000.
CryptoQuant monitors a vast number of spot and derivative exchanges to collect these insights. The observed trend signifies a substantial shift in investor behavior, indicating a reduced willingness to position Bitcoin for quick sales on exchanges.
This trend coincides with a growing institutional interest in Bitcoin, heralding a new era in cryptocurrency investment. Despite recent price volatility, including a dip to $56,500 last week, demand for Bitcoin accumulation remains strong, as reported by Cointelegraph.
Market analysts are closely scrutinizing the behavior of Bitcoin whales—investors holding significant amounts of BTC. CryptoQuant contributor Mignolet observes that whales, particularly those possessing between 1,000 to 10,000 BTC, have shown remarkable inactivity in terms of selling during the current market uptrend.
Mignolet suggests that whales may be holding on to their Bitcoin due to the ongoing market cycle. They may also be exploring over-the-counter (OTC) market activities, which facilitate large transaction volumes without the need for exchange deposits, thus potentially disguising sell orders.
However, Checkmate, a pseudonymous lead on-chain analyst at Glassnode, expresses skepticism towards the practice of "whale watching." He posits that many of the large wallets being tracked may be associated with entities such as ETFs rather than individual high-stake investors.
"There will be some actual whales yes...but as both buyers and sellers," he stated on social media platform X. "Not once have I seen true alpha extracted from whale watching."
Despite these varying perspectives, the overall trend of declining exchange inflows underscores a shift in sentiment among Bitcoin investors. Institutional adoption and a reluctance to part with holdings point to a potential sustained bullish outlook for the world's leading cryptocurrency.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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