Bitcoin Reaches $55k As Exchange Net Flows Plunge

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Bitcoin is back to the psychological $55,000 zone amid declining on-chain activity on exchanges.

Bitcoin (BTC) is up 0.9% in the past 24 hours and is trading at $55,000 at the time of writing. The leading cryptocurrency briefly fell to an intraday low of $53,650 on Sept. 8 as bearish sentiment dominated the crypto market.

Bitcoin price, RSI and exchange activity – Sept. 9 | Source: Santiment

Moreover, BTC’s daily trading volume increased by 33%, reaching $22 billion.

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According to data provided by Santiment, Bitcoin witnessed a daily exchange inflow of 68,470 BTC on Sept. 7, before taking a deep dive below the $54,000 mark. Data shows a 68% decline in the asset’s inflows over the past two days, currently sitting at 21,742 BTC.

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