Bitcoin (BTC) is flying off exchanges amid price stagnation, according to crypto analytics firm IntoTheBlock
Despite ongoing price slump, investors continue to accumulate hundreds of millions of dollars worth of BTC at a rapid pace, according to crypto analytics firm IntoTheBlock.
In a new analysis, Lucas Outumuro, head of research at IntoTheBlock, notes that centralized exchanges saw $730 million worth of BTC net outflows over the past week, followed by outflows worth $1 billion the week before.
According to the analytics firm, net outflows are the total amount of Bitcoin leaving crypto exchanges minus the number of net inflows, or BTC, that have entered centralized exchanges over the past seven days.
Net exchange rate outflows point to accumulation, and recent figures indicate “strong demand” for bitcoin if the price is below $30,000, the researcher said.
BTC is trading at $29,109 at the time of writing. The top-rated crypto asset by market cap is down more than 2.7% in the past 24 hours and down more than 2% over the past week.
In contrast, Ethereum (ETH) saw mild outflows worth $84 million last week after suffering more than $200 million worth of inflows the week before.
Switching cryptocurrencies on exchanges can signal selling pressure, according to Outumuro. A 2021 study published by crypto analytics firm Santiment shows that large increases in FX inflows tend to result in an average 5% price drop for crypto assets.
ETH is trading at $1,665 at the time of writing. The second-ranked crypto asset by market cap is down more than 6% in the past 24 hours and down more than 6% in the past seven days.
Read Outumuro’s full analysis here.
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