Glassnode stats show that the outflow of bitcoins has reached an all-time high (ATH). Over the past 30 days, cryptocurrency exchanges have net lost 179,250 Bitcoin in total. This indicates that the market is currently close to bottoming out.
According to data, the number of exchange deposits for Bitcoin (7d MA) has dropped to 1,735.12, which is a two-year low.
According to statistics, around 172k BTC leave exchanges every month. The previous record, achieved following a sell-off in June 2022, has been surpassed. However, over the past two weeks, there was also an increase in the total number of confirmed transactions. According to Glassnode, accounts with more than one Bitcoin achieved the ATH of 951,823.
According to Coingape, BTC has risen to the same level as prior bear markets. Based on past performance, the price of bitcoin might increase.
In the past 30 days, the price of bitcoin has decreased by 20%. At the time of publication, the average price of BTC is $16,608.5. It currently controls a market worth over $319.1 billion. However, Bitcoin’s market share has decreased to 37.8%.
The number of confirmed transactions exceeded the multi-month high of 246K per day. It is significant to note that exchange withdrawal transfers accounted for 29.2% (77.1k withdrawals) of the overall transactions. While 18.2% (48.1k deposits) of deposits were recorded as transfers of deposit,
The surge in exchange-related activity has increased the share of exchange deposits or withdrawals that make up the majority of all transactions to 47.4%. On a year-to-date (YTD) basis, this is noted as being the highest level. Higher exchange dominance is typically associated with a bull market and events that have high volatility.
