Bitcoin’s daily inflows have seen a significant decline since reaching its all-time high of $73,800. Recent statistics reveal that exchange inflows for Bitcoin have reached a level not seen in over a decade. Data from on-chain analytics platform CryptoQuant shows a dramatic decrease in daily BTC inflows since the peak. Traders are no longer eager to hold their currency on exchanges for quick selling, resulting in the lowest daily deposits to major exchange accounts in the past ten years, according to CryptoQuant. On April 20, when the BTC/USD rate was similar to the current rate, only 8,400 BTC entered exchanges, a volume of transactions last seen when Bitcoin was valued at less than $1,000. Institutional investors remain optimistic about Bitcoin, as the desire to expand exposure to BTC continues despite short-term price fluctuations. Investors are closely monitoring Bitcoin whale groups for positive news. CryptoQuant’s research indicates that whales holding 1,000 to 10,000 bitcoin have not been consistently active in the current market cycle, which is unusual as they typically cause significant market volatility. A graph displayed by the analyst shows the age bands of on-chain transactions based on expended output, suggesting that whales may not be willing to sell yet as the market cycle is not yet complete. As of the time of writing, Bitcoin is trading at $63,122, showing a 0.14% decrease in the last 24 hours according to data from CMC. In other cryptocurrency news, Solana is experiencing a remarkable surge and is expected to surpass $200 amidst bullish momentum.
Bitcoin Exchange Inflows Plummet to Lowest Levels in a Decade Amidst Positive Market Sentiment
