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Big change in Bitcoin: It is at its lowest level in the last 10 years!
Bitcoin's entry into the stock exchanges fell to its lowest level in 10 years after its all-time high of $ 74 thousand.
Latest data shows that foreign exchange inflows have reached lows not seen in almost a decade. Data from onchain analysis platform CryptoQuant shows that daily BTC inflows have decreased significantly since Bitcoin's all-time high of $73,800.
What does the critical statistic in Bitcoin indicate?
Bitcoin investors are not in the mood to keep cryptocurrencies ready for quick sales on exchanges. According to CryptoQuant, April and May 2024 saw the lowest daily inflows into major foreign exchange accounts in the last 10 years. On April 20, when BTC/USD was at the level at which this news was written, only 8,400 BTC was moved to the exchanges.
Such small transfers were last observed when Bitcoin was trading below $1,000. CryptoQuant tracks numerous spot and derivative exchanges to compile data.
The figures reflect a significant shift in hodler sentiment this year as Bitcoin investment enters a new era of institutional participation.
Mignolet refers to whale assets holding between 1,000 BTC and 10,000 BTC. An accompanying chart showed the spent output age ranges of on-chain transactions.
The post added that whales “may not be willing to sell yet because the cycle is not over.”
“There may be demand outside of exchanges, particularly in the OTC market, that has the capacity to absorb large sales volumes even without depositing money into exchanges following ETF approval,” Mignolet wrote.
But while commenting on the current market landscape, Checkmate, lead analyst at data firm Glassnode, said new spot Bitcoin exchange-traded funds are likely shaping the numbers.
“The data around these assets is notoriously noisy, and I can almost guarantee that the big ‘whale’ wallets you are tracking are ETFs and exchanges,” he told his followers in part of a post on X.
