Ethereum And Bitcoin Exchange Flows Are Reaching New Lows

Ethereum And Bitcoin Exchange Flows Are Reaching New Lows

Ethereum and Bitcoin exchange flows are reaching new lows with teh rate returning to the dominance of the outflow through August, as investors are withdrawing the digital asset as we can see in today’s Bitcoin news.

Ethereum and Bitcoin exchange flows show that these assets are being taken off the exchanges at an increasing rate which shows that only a few are ready to sell at the moment. Glassnode reports show that Bitcoin exchange flows returned to the dominance of outflows in August as investors started withdrawing the digital asset. It added that the market transitioned through a number of phases of flow dominance over the past year. The previous outflow dominance was seen in late 2020 before BTC surged from the ATH of $20K.

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Cryptocurrency Market Overview. Source Quantify Crypto

In July, more than 465,000 BTC left exchanges, and at the time, Glassnode reported that the exchange balances dropped to the lowest levels since the deep crypto winder in 2018. When BTC leaves centralized exchanges, it is seen as a bullish sign. The assets could be getting moved into custody or cold wallets or simply get tokenized and invested in Defi. When there are huge inflows to exchanges, it is considered bearish as investors could start to prepare to liquidate.

The data analyst Will Clemente commented over the past month that this is one of the largest declines in BTC on exchanges in the history:

“Exchanges down 111,033 BTC in the last 30 days. One of the sharpest drops of exchange inventories in Bitcoin’s history.”

Glassnode noted that the same thing is happening with ETH. The total ETH held on exchange balances hit an ATH low at the same time when ETH 2.0 staking hit a new high. The analytics provider stated that the recent uptick in ETH price was supported by a continued outflow of the supply of ETH on exchanges. These balances of eth declined to reach an ATH low of 13% of the circulating supply this week which is equivalent to 15.3 million ETH. It added that a huge portion of 5.7% of the entire supply of ETH found its way on the Beacon Chain deposit contract with the ETH.20 staking contract now having almost 7 million ETH or $21 billion locked up.

The BTC prices retreated again and dropped another 2.5% over the past day. According to CoinGecko, BTC was trading at $44,224 at the time of writing and the asset dropped 3.2% since the same time a week ago as the correction happened.

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