- Bitcoin exchange inflows hit decade low, signaling reduced selling interest.
- Positive investor sentiment persists despite recent Bitcoin price dip to $56,500.
- Bitcoin “whales” inactive, possibly anticipating the market cycle’s continuation.
Recent data indicates that the volume of Bitcoin
Traders show little interest in depositing Bitcoin on exchanges for quick sales. CryptoQuant’s data reveals that daily Bitcoin deposits to major exchanges during April and May 2024 were among the lowest recorded in the last ten years.
Investor Sentiment is Positive
On April 20, only 8,400 BTC were moved onto exchanges, coinciding with a BTC/USD rate similar to current levels. Transaction volumes this low were last seen when Bitcoin’s price was under $1,000. CryptoQuant tracks a variety of spot and derivative markets to compile these insights.
The data suggests a significant shift in the sentiment of Bitcoin holders this year as institutional interest in Bitcoin ushers in a new era. Despite the recent dip in Bitcoin’s price to $56,500 last week, the trend of increasing Bitcoin investments persists.
Investors closely monitor developments concerning large Bitcoin holders, or “whales.” CryptoQuant’s recent analysis indicates that whale accounts holding between 1,000 and 10,000 bitcoins have not been consistently active in the current upward trend despite their usual influence on market volatility.
An analyst’s chart showed the age segments of on-chain transactions based on spent outputs, suggesting that these whales might not be ready to sell as they believe the cycle has not yet concluded. At the time of this report, Bitcoin’s trading price is $63,122, having experienced a minor 0.14% decrease over the past 24 hours, according to CoinMarketCap data.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
