Key points:
Bitcoin exchange 100-day average netflows are at their most negative since the start of the current bull market in 2023.
Exchange balances continue to plumb new multiyear lows.
Whales are particularly active buyers this month, while retail shows classic “panic selling.”
Bitcoin (BTC) exchanges are evoking the end of the 2022 crypto bear market as user inflows dry up this year.
Data from onchain analytics platform CryptoQuant reveals exchanges’ average net flows hitting two-year records.
Bitcoin analysis eyes “reaccumulation of assets”
Bitcoin may be trading significantly higher than at the start of 2023, but demand for BTC among exchange users is reminiscent of the start of a bull market.
CryptoQuant reveals that the 100-day simple moving average (SMA) of exchange net flows recently hit its most negative figure in two years.
“This essentially indicates the highest Bitcoin outflow from exchanges since that date,” contributor CryptoOnChain commented in