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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Exchange Outflows Shows Bitcoin, Ethereum Accumulation Trend Continues

Best Owie
Best Owie
1 year ago
2 mins read
Bitcoin and Ethereum

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Bitcoin and Ethereum outflows from centralized exchanges have been pointing toward a growing accumulation trend among investors. This saw billions of dollars worth of coins leaving exchanges weekly as investors moved them out. Even now, the exchange outflows have continued despite the recovery in the price of bitcoin and Ethereum, showing that investors are not slowing down their buying.

Bitcoin, Ethereum Net Flows Still Negative

The exchange net flows for the past two weeks have been coming out negative for both Bitcoin and Ethereum. The same has been the case on a daily basis where outflows continue to exceed inflows, leading to negative net flows.

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Data from Glassnode shows that for the last day, the net flows for bitcoin reached as high as $158.5 million. There had been a total of $498 million worth of BTC flowing into exchanges, but more than $656 million had flowed out.

Ethereum saw a similar net flow trend where $170.7 million flowed into the exchanges and $212.7 million flowed out of the exchanges. This led to a negative net flow of -$42 million over the 24-hour period. On a 7-day rolling basis, ETH net flows had remained negative, but only by a small margin, according to data from IntoTheBlock.

📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $498.0M in
⬅️ $656.5M out
📉 Net flow: -$158.5M#Ethereum $ETH
➡️ $170.7M in
⬅️ $212.7M out
📉 Net flow: -$42.0M#Tether (ERC20) $USDT
➡️ $361.4M in
⬅️ $283.8M out
📈 Net flow: +$77.6Mhttps://t.co/dk2HbGwPL4

— glassnode alerts (@glassnodealerts) October 18, 2022

A Recovery On The Horizon?

The crypto market has been consolidating for a while but indicators point to a possible end to this trend. Tether (USDT) inflows into centralized also point towards this. Net flows for the stablecoin remain positive, which suggests an end to the sell-offs and a beginning of a buy trend in the market. However, it remains hard to pinpoint exactly when a significant recovery since the net flows for the last day were around $77 million. 

Bitcoin price chart from TradingView.com

BTC price settles above $19,500 | Source: BTCUSD on TradingView.com

Over the last 24 hours, both Bitcoin and Ethereum have moved back into the green but only small recoveries have been recorded. BTC is up 0.40% in the last 24 hours and ETH is up 0.47% in the same time period at the time of this writing.

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What Zombiechain? Cardano Tops Blockchains In Active Developer Counts

2 years ago

For Bitcoin, the resistance has been mounted at $20,000, which makes it the point to beat. Ethereum’s resistance has been building up at $1,400, where even the hype from the completed Merge has not been able to help it beat this level.

Featured image from Finbold, chart from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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