Bitcoin peaks beyond $104,000, but investors won't sell

Last day, Bitcoin reached a new all-time high (ATH) at $104,000, but on-chain data reveals investors are still hesitant to sell.

Bitcoin Exchange Netflow Is Negative Despite Latest Rally
The analyst in a CryptoQuant Quicktake article highlighted that Bitcoin has been leaving exchanges. The “Exchange Netflow,” which tracks the net amount of BTC entering or leaving centralized platform wallets, is the relevant on-chain measure.

This measure is positive when investors make net deposits to exchanges. Since holders utilize these venues to sell, this tendency might hurt BTC.

However, a negative index indicates more currency outflows than inflows. This pattern suggests investors desire to keep onto their coins for the long term, which is positive for the asset's price.

This graphic displays the Bitcoin Exchange Netflow trend over the last two years:

The accompanying graph shows that the Bitcoin Exchange Netflow has had major negative spikes in the recent month, indicating huge withdrawals.

This net outflow has occurred despite the cryptocurrency's huge run to new ATHs. Chart demonstrates this wasn't the case throughout this year's first-quarter rise.

There were outflows back then, but there were also net inflow surges, indicating asset sales demand.

Bitcoin's negative Exchange Netflow has persisted during the current climb over $100,000, indicating that investors are still hesitant to sell BTC at these high rates.

If this pattern continues, this run may have additional space. How long holders can keep silent is unknown.

Higher investor earnings usually lead to large selloffs. With Bitcoin doing well, a big profit-taking rush may be imminent.

Over the last 24 hours, Bitcoin has surged over 7%, breaking out of its consolidation period. In this rise, the asset momentarily surpassed $104,000, but it has since dropped to $103,500.

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