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Bitcoin's Exchange Inflow Hits 2015 Lows

Latest Data:

Bitcoin's exchange inflow, reflecting BTC sent to centralized exchanges, now sits at 20,000 BTC, levels unseen since 2015.

Long-term Trend:

The 365-day moving average (MA) for exchange inflow has steadily declined since 2018, dropping from 90,000 BTC to 36,000 BTC.

This decline suggests reduced interest in selling BTC, hinting at potentially bullish market conditions.

Market Shift:

Exchanges played a major role in 2017, but with the emergence of new investment avenues like spot ETFs, their relevance has diminished.

ETFs likely contribute to fewer BTC deposits on exchanges in the current cycle.

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