Bitcoin daily and weekly on-chain exchange net flow tops $1 billion

TL;DR Breakdown

• Bitcoin on-chain exchange net flow topped $1 billion over the past day and week.
• Ethereum saw poor records, probably due to high fees that have kept people away from any related product.

Since the past week, the leading cryptocurrency, Bitcoin (BTC), has continuously hit more new all-time highs following the increase in institution adoption. Since Elon Musk’s electric car company Tesla announced their $1.5 billion Bitcoin investment on the 8th of February, the cryptocurrency began soaring incredibly. Data from the Glassnode on Monday confirmed that billions of dollars of BTC flowed into exchanges in the past 24 hours and the entire week.

Bitcoin inflows spiked last week

According to Glassnode, about $18.8 billion in Bitcoin flowed into cryptocurrency exchanges in the past week. In the same period, only about $17.1 billion BTC was moved out from these exchanges, accounting for a weekly on-chain net flow of $1.7 billion. Bitcoin unarguably had the most attention in the cryptocurrency market last week. 

The second-largest crypto, Ether (ETH), had a more on-chain exchange outflow than inflow, making a net flow of -$632.6 million last week, according to Glassnode. Going down to the daily on-chain exchange flow, BTC posted a positive net flow, while Ethereum still saw more outflows of funds.

Within the past 24 hours, cryptocurrency exchanges gained an inflow of $4.1 billion in BTC. The on-chain outflows totaled $2.1 billion, which accounts for a net flow of $1.9 billion, according to the analytics platform. Ethereum, meanwhile, had an exchange inflow of $626.4 million, an $800 million outflow, and a net flow -$173.6 million. 

High fee plagues Ethereum

The past week wasn’t an impressive one for the Ethereum coin and blockchain network. We saw Binance Smart Chain overtake Ethereum in transactions, which was mostly due to the high transaction fee plaguing the network. As it was very expensive to use any Ethereum-based asset, there were increasingly poor figures associated with Ethereum exchange flows.