Since Bitcoin’s all-time high of $73,800, daily BTC inflows have declined dramatically.
The figures show that hodler opinion has changed significantly this year.
According to the most recent statistics, Bitcoin exchange inflows have hit a level not seen in over ten years. Since Bitcoin’s all-time high of $73,800, daily BTC inflows have declined dramatically, according to data from on-chain analytics platform CryptoQuant.
There is no desire among Bitcoin traders to hold currency on exchanges for a speedy sell. Daily deposits to major exchange accounts in April and May 2024 were among the lowest in the prior decade, according to CryptoQuant.
Investors Optimistic
Only 8,400 BTC entered exchanges on April 20, when the BTC/USD rate was about the same as it is now. Such a low volume of transactions was last seen when Bitcoin was trading for less than $1,000. In order to get this information, CryptoQuant monitors a wide range of spot and derivative markets.
As institutional investment in Bitcoin enters a new age, the figures show that hodler opinion has changed significantly this year. Despite short-term fluctuations in Bitcoin prices, such as last week’s decline to $56,500, the appetite for expanding exposure to BTC has continued.
Investors are keeping an eye out for good news related to Bitcoin whale groups. According to one of CryptoQuant’s research updates this week, whales ranging from 1,000 to 10,000 bitcoin have not been continuously involved in the current rising cycle, even though they normally cause substantial market volatility.
A graph by the analyst displayed age bands of on-chain transactions based on expended output. Whales “may not be willing to sell yet as the cycle has not ended,” the post mentioned. At the time of writing, Bitcoin is trading at $63,122, down 0.14% in the last 24 hours as per data from CMC.
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