Bitcoin Exchange Inflows Drop to Ten-Year Lows

Bitcoin exchange inflows have hit a 10-year low, signaling a shift in trader behavior and confidence. Data from the on-chain analytics platform CryptoQuant reveals a substantial decrease in daily BTC inflows following Bitcoin’s peak of $73,800.

This is actually BULLISH for Bitcoin, because most long-term Bitcoin investors execute self-custody, and only move coins onto a centralized exchange in order to sell them.

Recent months, specifically April and May 2024, have registered some of the lowest daily inflows to major exchanges in the last decade. On April 20, when the BTC/USD rate hovered around current levels, only 8,400 BTC were deposited into exchange accounts—a volume comparable to periods when Bitcoin was valued at less than $1,000.

CryptoQuant, which monitors a wide array of spot and derivative exchanges, attributes this trend to a notable change in investor sentiment. As Bitcoin garners increased interest from institutional investors, the pattern of holding rather than selling BTC appears to be strengthening. Despite recent price fluctuations, including a dip to $56,500 last week, the desire among investors to increase their Bitcoin holdings remains robust.

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