Bitcoin exchange outflows see biggest daily spike since September 2021

Bitcoin (BTC), investors are voting using their wallets, as there have been one-day outflows on major exchanges close to 30,000 BTC.

CryptoQuant data shows that 29371 BTC were removed from exchange order books on January 11, 2017, the highest since Sep. 10.

Short-term optimism returned on Tuesday with BTC/USD rebounding and maintaining levels above $42,000. This corresponds to the four-month high in outflows.

They then hit local highs at $43,150 and then consolidated. This was a completely different outcome to the widely anticipated cascade towards $30,000.

Although such an outcome is still a matter of debate, buyers seem to be comfortable entering the market for prices above $40,000.

To give you an idea of what happened, even the bounce at the end September that led to record highs did not produce the same buyer uptake Tuesday.

Chart of the netflow of Bitcoin exchanges. Source: CryptoQuant

“Volumes have been very low. This means that the market can easily have large moves up or down,” Samson Mow (CEO of Blockstream) commented on the status quo.

“Given that there was a major move down and everyone is buying like nothing is tomorrow, I would say the next move will be up.”

CryptoQuant monitors 21 exchanges to provide order book data. Separate data was collected last week to show what an analyst called a “crazy imbalance” between asks and bids. This indicated that bears were finally tired of selling.

Buyers get bolder

Spot buyers were the primary group that was not interested in Bitcoin at current prices.

Related: Bitcoin rises to $42K, as the bets favor a’short squeeze.’ Higher for BTC

Cointelegraph reported that miners are adding to their reserves at a faster pace this year. Long-term holders remain firm in their resolve to not sell.

CryptoQuant contributor IT Tech highlighted a bullish trend within the Bitcoin taker buy/sell rate. It also revealed that a similar situation was unfolding on derivatives markets.

This metric is the ratio of takers to buyers on derivatives platforms. A value of less than 1 indicates bearish sentiment. However, this is not the current trend.

“If we cross 1, then we should have Bullish mood again and it could price trend reversal,” IT Tech stated in a Wednesday “Quicktake” post.

“Personally, I’m preparing for the final bull run, which will happen sooner or later.”

Screenshot: Bitcoin taker buy/sell rate vs. USD/BTC annotated chart Source: CryptoQuant
https://cointelegraph.com/news/bitcoin-exchange-outflows-see-biggest-daily-spike-since-september-2021

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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