Bitcoin exchange outflows see biggest daily spike since September 2021

Share This Post

Almost 30,000 Bitcoin leaves major exchanges in a single day as buyers copy miners in taking the BTC supply off the market.

Bitcoin (BTC) investors are voting with their wallets as one-day outflows from major exchanges near 30,000 BTC. 

Data from on-chain analytics firm CryptoQuant shows that on Jan. 11, 29,371 BTC left exchange order books — the most since Sep. 10.

The four-month high in outflows corresponds to short-term optimism returning on Tuesday as BTC/USD bounced and maintained levels above $42,000.

The pair subsequently went on to hit local highs of $43,150 before consolidating, this nonetheless a different turn of events to the widely-predicted cascade towards $30,000.

While such an outcome remains a topic of debate, buyers seem comfortable entering the market above $40,000.

For context, even the bounce which sparked the run to all-time highs at the end of September failed to produce as much buyer uptake as Tuesday.

Bitcoin exchange netflow chart. Source: CryptoQuant

“Volumes are thin. That means the market can have huge moves up or down easily,” Samson Mow, CEO of Blockstream, commented on the status quo:

“Given that we had a big move down already, and everyone is buying like no tomorrow, I’d say the next move is up.”

CryptoQuant tracks a total of 21 exchanges for its order book data. Last week, separate data focused on what one analyst described as a “crazy” imbalance between bids and asks, indicating that bears were finally beginning to tire of selling.

Buyers get bolder

Spot buyers were previously the main cohort missing from interest in BTC at current price levels.

Related: Bitcoin returns to $42K as bets start favoring ‘short squeeze’ higher for BTC

As Cointelegraph reported, miners continue to add to their reserves at an increasing pace this year, with long-term holders steadfast in their resolve not to sell.

Highlighting a bullish trend in the Bitcoin taker buy/sell ratio, CryptoQuant contributor IT Tech revealed a similar situation unfolding on derivatives markets.

The metric refers to the ratio of buy and sell volumes from takers on derivatives platforms. A value below 1 implies bearish sentiment, and while that is currently the case, the direction is up.

“If will cross 1 then we should have Bullish sentiment again and it chance to price trend reversal,” IT Tech summarized in one of CryptoQuant’s “Quicktake” posts Wednesday.

“Personally I am preparing to final bull run which will come sooner or later.”

Bitcoin taker buy/ sell ratio vs. BTC/USD annotated chart (screenshot). Source: CryptoQuant

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst

Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level This period of volatile price action highlights

Solana’s daily fees and revenue hit ATH amid heightened engagement

Solana’s daily revenue hit a record high of almost $4 million, reflecting a notable rise in user engagement on the third-largest blockchain network by market cap DeFillama data shows that

18 States Sue SEC, Gensler, Commissioners in Unprecedented Crypto Regulation Battle

Eighteen states have sued the SEC, Chair Gary Gensler, and all SEC commissioners, alleging that overreach in crypto regulation infringes on state rights and hampers industry growth 18 States Sue SEC,

Vaneck’s Matthew Sigel Sets Bitcoin Target at $180,000

Matthew Sigel, head of digital assets research at Vaneck, projects a significant upward trajectory for bitcoin, setting a target price of $180,000 Bitcoin Could Reach $180,000 by Next Year, Says

Ex-TD Ameritrade CEO says Bitcoin is ‘here to stay,’ foresees significant growth

Joe Moglia, former CEO of TD Ameritrade, projected that Bitcoin (BTC) is primed for substantial growth, reinforcing its position as a vital asset in the global financial landscape Moglia made the

Bitcoin Price And The Trump Effect: Here’s What Happened The Last Time Donald Trump Was President

The Bitcoin price has soared to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the just-concluded US Presidential elections The last time Trump