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.
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The same trend was recorded across the second-largest cryptocurrency, Ethereum, whose net flow had come out to the negative as well. In total, there was $476 million worth of ETH moving into exchanges. However, $487 million were moved out of exchanges, bringing the negative net flow to -$11 million.
This trend also mirrors that recorded in the Tether UST net flows. Inflows have surpassed outflows by more than $126 million, indicating that more investors are choosing to accumulate more cryptocurrencies such as bitcoin and Ethereum and moving out of stablecoins such as USDT.
📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $1.1B in
⬅️ $1.4B out
📉 Net flow: -$325.3M#Ethereum $ETH
➡️ $476.0M in
⬅️ $487.0M out
📉 Net flow: -$11.0M#Tether (ERC20) $USDT
➡️ $510.1M in
⬅️ $383.7M out
📈 Net flow: +$126.4Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) May 31, 2022
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