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Recent data shows Bitcoin exchange inflows have reached levels not seen in nearly a decade. The figures from the on-chain analysis platform CryptoQuant indicate that daily Bitcoin inflows have significantly decreased since reaching an all-time high of $73,800.
What’s Happening on the Bitcoin Front?
Bitcoin investors are not in the mood to keep cryptocurrencies ready for quick sale on exchanges. According to CryptoQuant, April and May 2024 saw some of the lowest daily entries into major exchange accounts in the last decade. On April 20, only 8,400 Bitcoins were sent to exchanges while the BTC/USD pair was at the levels at the time of this writing.
Such small flows were last observed when Bitcoin was trading below $1,000. CryptoQuant tracks a large number of spot and futures-focused exchanges to compile its data. The figures reflect a significant shift in hodler sentiment this year, coinciding with a new period of institutional participation in Bitcoin investment.
Notable Comments from Prominent Figures
Market observers continue to highlight positive events related to Bitcoin whale pods. Mignolet, a contributor to CryptoQuant, wrote in a Quicktake research update this week:
“Whales in the range of 1,000 to 10,000 Bitcoins, usually providing significant downward volatility to the market, are not consistently participating in this current upward trend cycle.”
Mignolet refers to whale assets holding between 1,000 and 10,000 Bitcoins. An accompanying graph showed the age ranges of spent outputs in on-chain transactions. The post added that whales might not yet be willing to sell as the cycle has not ended, and the notable figure stated:
“Outside of exchanges, particularly in the OTC market, there could be demand capable of absorbing large volumes of sales even without depositing money into exchanges following ETF approval.”
Glassnode’s lead on-chain analyst Checkmate commented on the current market landscape, suggesting that new spot Bitcoin exchange-traded funds might be shaping the figures, and stated in a post published on X:
“The data around these assets is noisy as everyone knows, and I can almost guarantee that the large whale wallets you are tracking are ETF funds and exchanges. There will be real whales, yes, but as both buyers and sellers. I have never once seen real alpha extracted from whale watching.”
