Bitcoin Exchange Outflows Suggest Rally May Only Be Starting

Bitcoin exchange inflows and outflows continue to be a way to determine what investors are doing with their coins. These usually follow a trend either in a bull or a bear market and deviate when there is a change in the market. This time around, with the market back in another surge, looking at the exchange net flows paints a rather positive picture. This is because bitcoin outflows continue to dominate in this regard. Bitcoin Outflows Ramp Up For the past week, the price of bitcoin has been on an uptrend. This recovery which had started on Monday had raged on through the week, seeing the digital asset finally break above $47,000 for the first time in three months. Speculations have abounded in the space since then as to how long recovery like this can last. As such, investors will look to metrics like exchange inflows and outflows to determine if investors are buying or selling. Related Reading | Why The Latest Correction Is Good For Bitcoin For bitcoin, the numbers have been favorable towards a continuous rally. Looking at on-chain data shows that outflows still surpass inflows by a large margin. Glassnode Alerts posted a report that showed that while inflows were at $7.9 billion for the past week, there was a total of $9.5 billion worth of bitcoin leaving centralized exchanges. This came out to a negative net flow of -$1.5 billion. 🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin $BTC➡️ $7.9B in⬅️ $9.5B out📉 Net flow: -$1....