Since reaching its all-time high of $73,800, the daily inflow of Bitcoin has seen a drastic decline. This shift in sentiment among hodlers is evident in the latest data. On-chain analytics platform CryptoQuant has reported that Bitcoin exchange inflows have reached a level not seen in over a decade.
Traders and investors are no longer eager to hold their Bitcoin on exchanges for quick selling. In fact, the daily deposits to major exchange accounts in April and May of this year were among the lowest in the past ten years, according to CryptoQuant. This indicates a significant change in hodler opinion.
On April 20, when the BTC/USD rate was similar to its current level, only 8,400 BTC entered exchanges. This volume of transactions was last observed when Bitcoin was trading for less than $1,000. CryptoQuant gathers this information by monitoring various spot and derivative markets.
Amidst the rise of institutional investment in Bitcoin, it is clear that the appetite for expanding exposure to BTC has persisted despite short-term price fluctuations. Even events like last week’s decline to $56,500 did not deter investors from seeking opportunities in the cryptocurrency.
Investors are particularly interested in news related to Bitcoin whale groups. CryptoQuant’s recent research updates indicate that whales holding between 1,000 and 10,000 bitcoins have not been actively participating in the current price surge, which is unusual considering their ability to cause significant market volatility. A graph provided by the analyst shows age bands of on-chain transactions based on expended output, suggesting that these whales may be holding onto their Bitcoin as they believe the market cycle is not yet complete.
At the time of writing, Bitcoin is trading at $63,122, experiencing a slight decrease of 0.14% in the last 24 hours, according to data from CMC.
In other crypto news today, Solana has been experiencing a remarkable surge and is poised to break the $200 mark due to its bullish momentum.