- Bitcoin’s entry into exchanges has fallen to its lowest level in a decade, following its all-time high of $74,000.
- Recent data shows that currency inflows have reached almost unseen low levels in nearly ten years.
- Onchain analysis platform CryptoQuant’s data shows that daily BTC entries have significantly decreased since Bitcoin’s all-time high of $73,800.
Bitcoin’s critical statistics indicate a significant change in hodler sentiment this year, as Bitcoin investment enters a new period of institutional participation.
What does the critical statistic in Bitcoin indicate?
Bitcoin investors are not in the mood to keep cryptocurrencies ready for quick sale on exchanges. According to CryptoQuant, in April and May 2024, the lowest daily entries in the last 10 years were seen in large currency accounts. On April 20, only 8,400 BTC was moved to exchanges when BTC/USD was at the levels when this news was written. Such small transfers were last observed when Bitcoin was trading below $1,000. CryptoQuant follows a large number of spot and derivative exchanges to compile data.
Analyst warns again about Bitcoin’s “whale watching”
Market observers continue to point out positive events related to Bitcoin whale herds. Mignolet, a contributor to CryptoQuant, wrote in one of this week’s Quicktake research updates: “Whales in the range of 1 to 10 thousand, which usually provide significant downward volatility to the market, are not consistently participating in this current bullish trend cycle.” Mignolet refers to whale assets with money between 1,000 BTC and 10,000 BTC. An accompanying graph showed the age ranges of spent outputs of on-chain transactions. The post added that whales “may not be willing to sell yet because the cycle has not ended.” Mignolet wrote, “Outside of exchanges, especially in the OTC market, there may be demand capable of absorbing large sales volumes even without depositing money into exchanges after ETF approval.”
Conclusion
Bitcoin’s entry into exchanges has fallen to its lowest level in a decade, indicating a significant change in hodler sentiment. Market observers continue to point out positive events related to Bitcoin whale herds. However, the cycle has not ended yet, and there may be demand capable of absorbing large sales volumes even without depositing money into exchanges after ETF approval.
