The inflow of Bitcoin to exchanges — the total amount of BTC transferred to exchanges — and the outflow from miners — the amount of BTC miners transfer to exchanges — has sharply decreased since November 2024, indicating a decreasing selling pressure.

According to data from CryptoQuant, the inflow of Bitcoin to exchanges peaked on November 25, 2024, with a total of 98,748 BTC, after about two months of continuous inflow into exchanges. However, the amount of BTC transferred to exchanges decreased in December 2024, although it remained significant, ranging from 11,000 to 79,000 BTC per day.

The slight decrease in BTC inflow to exchanges is accompanied by a decreasing trend in miner outflows, indicating that selling pressure from miners — who frequently sell BTC to cover operational costs — has significantly diminished.

BTC inflow to exchanges | Source: CryptoQuant

Miner outflows have decreased since the peak in November, when miners realized profits during Bitcoin's strong price surge following Donald Trump's election. Data from CryptoQuant shows that outflows peaked on November 11, with 25,367 BTC transferred to exchanges as Bitcoin's price reached around $88,000.

As of January 1, 2025, the amount of BTC sent by miners to exchanges was 5,489 BTC, followed by 5,748 BTC on January 2 and 2,133 BTC on January 3.

Miner outflows from July 2022 to January 2025 | Source: CryptoQuant

Bitcoin needs to increase trading volume to maintain upward momentum in January

Bitfinex analysts recently predicted that Bitcoin's price will fluctuate between $95,000 and $110,000 in January. However, according to market analyst Axel Adler, Bitcoin needs to increase its daily trading volume to break through significant resistance levels and gain stronger upward momentum.

The current market structure still maintains an upward trend, with no clear signs of overheating. However, for strong momentum, the market needs larger trading volumes.

Additionally, the inflow of money into Bitcoin ETF funds also shows signs of recovery, after a long period of recorded outflows. Notably, on January 3, 2025, $900 million was poured into these funds.

The reversal in ETF capital flows reflects renewed interest in Bitcoin from traditional investors and large financial institutions.

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