- 207,000 Bitcoin (BTC) has been added to just four cryptocurrency exchanges.
- Net outflows from all other exchanges for the same period totaled 253,000 BTC.
The bitcoin price fell below the pivot point of $40,000 and a 100-day simple moving average (SMA). The $37,000 support level was maintained by the bulls. As a result, it has recovered some of its losses and is presently trading over the $37,500 level. Furthermore, the $38,000 level of resistance was breached. At this point, the price is challenging the 50% Fib retracement level of the latest slide from the $39,545 swing high to $37,159 low.
Since last year, net outflows have been constant, with a few notable surges in August and most recently on January 11 of this year. Measurements of exchange inflows are used to determine if investors want to sell or hold on to their coins. Net inflows indicate an increase in selling pressure, while net outflows indicate a decrease in hoarding activity.
Four Prominent Exchanges Defied the Trend
Since last July, bitcoin inflows have been net negative across all exchanges; however, four large exchanges have defied this trend with roughly equal net positive inflows. Since last July, there have been net withdrawals from all crypto exchanges of 46,000 BTC, equivalent to about $1.8 billion at the current pricing.
207,000 Bitcoin (BTC) have been added to just four cryptocurrency exchanges, according to the March 7 newsletter from blockchain analytics firm Glassnode. These exchanges are Binance, Bitfinex, Bittrex, and FTX. Net outflows from all other exchanges monitored for the same period totaled 253,000 BTC.
Since July of last year, FTX and Huobi have seen the most drastic change in their BTC holdings. FTX has more than tripled its BTC holdings to 103,200. While Huobi’s holdings have shrunk to just 12,300 BTC or less than 6% of what they were in March 2020.
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