Bitcoin sellers may be exhausted. Since last July, there have been more outflows than inflows to most exchanges except Binance, FTX, Bittrex, and Bitfinex. (Reporting via NewarBrian)
However, Glassnode attributes the current relatively low inflows to “the scale of market uncertainty at present,” and suggests that the crypto trading market, in general, has shifted to derivatives trading over spot sells in order to hedge risk.
The coins that remain on-chain maintain a realized price of $24,100 per BTC, suggesting that most hodlers enjoy a profit margin of 63%. Realized price is the average price of all coins when they were moved on-chain.
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