Bitcoin Monthly Outflows Reach Historically High Value

On-chain data shows the Bitcoin monthly outflows have recently reached values only seen a few times before in the crypto’s entire history. Bitcoin Exchange Outflows Now Have A Value Of 96.2k BTC Per Month According to the latest weekly report from Glassnode, a historically high amount of BTC has exited all exchange wallets recently. The relevant indicator here is the “exchange net position change,” which tells us the net amount of Bitcoin exiting or entering wallets of all exchanges. The metric’s value is simply calculated by taking the difference between the outflows and the inflows. When the value of the indicator is positive, it means inflows are dominating the outflows right now, and a net amount of coins is moving into exchanges. Such a trend can be bearish for the price of the crypto as investors usually deposit their crypto to exchanges for selling purposes. On the other hand, positive values of the metric imply there is a net amount of Bitcoin exiting exchange wallets at the moment. This kind of trend, when sustained, may prove to be bullish for the price of the coin as it can be an indication that investors are accumulating right now. Related Reading | Bitcoin Bullish Signal: 30MA STH-SOPR Returns Above 1 After 4 Months The below chart shows the trend in the Bitcoin exchange net position change over the history of the crypto: Looks like the value of the metric has been highly negative rece...