Bitcoin inflows across all exchanges have been negative since July last year, but the four major exchanges have moved in the opposite direction with approximately equal positive inflows.
Since July last year, the total net inflow of funds from all cryptocurrency exchanges has been 46,000 BTC (worth about $ 1.8 billion at current prices).
Only Binance, Bittrex, Bitfinex and FTX posted positive net inflows of 207,000 Bitcoin (BTC), according to data from research firm Glassnode on Monday. In the same period, net outflows amounted to 253,000 bitcoins from all other monitored exchanges.
FTX, Binance, Bittrex, Bitfinex View net positive BTC inflows since July 2021 – Glassnode
FTX and Huobi are facing the most dramatic change in BTC holdings since July last year. While FTX has more than tripled its BTC supply to 103,200 today, Huobi’s holdings have fallen to 12,300 BTC, or about 6% of what it has, from over 400,000 BTC in March 2020.
Most exchanges see net negative BTC inflows since July 2021 – Glassnode
The net churn was unchanged from last year, with some major peaks in August and no later than 11 January.
However, Glassnode attributes the relatively low current flows to the “amount of uncertainty in the market at the moment” and notes that the market for cryptocurrency trading as a whole has switched to spot derivatives trading to hedge risk.
Currency inflows are measured to help better understand whether investors are preparing to liquidate or accumulate their currencies. Net inflows indicate sales pressure, while net outflows indicate more inflows.
The coins that are still on the network keep the realized price of $ 24,100 per BTC, which indicates that most scammers earn 63%. The price reached is the average price of all coins as they move through the chain.
The realized price differs from the implied price of $ 39,200. According to CoinGecko, the implied price is the perceived fair value of each coin and is currently just below the break-even point with BTC trading at $ 38,346 at the time of writing.
Short-term owners are currently around 15% underwater, and the average price of coins that have moved up the chain in the last 155 days is $ 46,400, according to Glassnode.
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In addition to low volume inflows and outflows, the PnL ratio for sellers has clearly flattened out since early 2021. Glassnode notes that long-term owners (LTH) are tired of selling, although “We have not seen an LTH capitulation event yet . “major, as seen in previous periodic errors.” She added:
“The historically low volume of STH and LTH losses may indicate an increased potential for full sales fatigue.”
The fact sheet warns that there is still a danger of a “final and complete capitulation of both STH and LTH” that occurred at the bottom of the previous cycle low.