Bitcoin News

Crypto exchanges recorded more outflows in Bitcoin, Ether last week

TL;DR Breakdown

  • On-chain data shows more Bitcoin and Ether were moved-off crypto exchanges over the past week.
  • Bitcoin is about $3,000 below its ATH.

On-chain market data from Glassnode, a cryptocurrency analytics platform, suggests that many people had bought Bitcoin (BTC) and Ether (ETH) for hodling as the cryptocurrencies grew in market value over the past week. Notably, the largest cryptocurrency performed better last week, reaching another all-time high (ATH) at $61,683 since it dropped to about $43,000 towards the end of February.

Weekly on-chain Bitcoin, Ether flows on crypto exchanges

As Glassnode shared on Monday, about $15.4 billion worth of Bitcoin was transferred to crypto exchanges over the past weekend. This was probably made trading looking to cash out from the recent surge in the cryptocurrency from $50,000 to over $60,000. Within the same period, however, a higher amount of Bitcoin ($15.9 billion) was moved-off from cryptocurrency exchanges, which signals that more people were ready to hodl Bitcoin at those price levels.

This constituted a total Bitcoin net flow of $594.1 million, according to the information by Glassnode. The second-largest cryptocurrency, Ether, also recorded a negative net flow over the past week. About $4.8 billion worth of Ether were deposited on crypto exchanges, while $5.4 billion were transferred off the exchanges, accounting for a total net flow of -$606.7 million.

Following the stats, one can conclusively say that there were more strong-hand buyers for Ethereum and Bitcoin than sellers in the past seven days.

Bitcoin price update

During press time, Bitcoin was trading at $58,048 on Coinmarketcap, about a 4.5 percent decrease over the past 24 hours. Meanwhile, this is about $3,000 below the ATH, which was recorded on March 13. The cryptocurrency now has a market capitalization below $1 trillion.

This post was last modified on March 15, 2021 8:07 pm

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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