On-chain data shows the Bitcoin monthly outflows have recently reached values only seen a few times before in the crypto’s entire history.
Bitcoin Exchange Outflows Now Have A Value Of 96.2k BTC Per Month
According to the latest weekly report from Glassnode, a historically high amount of BTC has exited all exchange wallets recently.
The relevant indicator here is the “exchange net position change,” which tells us the net amount of Bitcoin exiting or entering wallets of all exchanges. The metric’s value is simply calculated by taking the difference between the outflows and the inflows.
When the value of the indicator is positive, it means inflows are dominating the outflows right now, and a net amount of coins is moving into exchanges. Such a trend can be bearish for the price of the crypto as investors usually deposit their crypto to exchanges for selling purposes.
On the other hand, positive values of the metric imply there is a net amount of Bitcoin exiting exchange wallets ..
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