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#BITCOIN is leaving Exchanges, There is no enough sellers to help charts do their job.
👉Exchange inflows are plumbing lows not seen in nearly a decade, the latest data shows.
Figures from on-chain analytics platform CryptoQuant show daily BTC inflows declining significantly since Bitcoin’s $73,800 all-time highs.
Bitcoin exchange inflows channel 2014 levels
Bitcoin traders are in no mood to keep coins available for quick sale on exchanges.
According to CryptoQuant, April and May 2024 have seen some of the lowest daily inflows to major exchange accounts in the past 10 years.
On April 20, when BTC/USD was around the same levels as at the time of writing, just 8,400 $BTC flowed into exchanges.
The last time that such small flows were observed was when Bitcoin traded at less than $1,000 per coin.
CryptoQuant tracks a large number of both spot and derivative exchanges to compile the data.
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