The latest data show that more units of Ether and Bitcoin have moved off crypto exchange in the past few days. Data from leading cryptocurrency analytics platform, Glassnode, indicates that traders had bought more units of the two leading crypto assets by market cap (Ethereum and Bitcoin) for hodling reasons. Their objective was to gain from the rising prices over the past weeks where we saw the value of Bitcoin attained the highest price point of $61,683 after dropping to about $43,000 by the end of February.
According to information shared by Glassnode, $15.4 billion worth of Bitcoins were transferred into crypto exchanges which indicates that traders were taking actions to help them gain from the recent increase of cryptos prices above the $50,000-benchmark. During the same period, $15.9 billion worth of the asset was removed from exchanges by traders whose intentions are believed to be to hodl the digital gold.
🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin $BTC
➡️ $15.4B in
⬅️ $15.9B out
📉 Net flow: -$594.1M#Ethereum $ETH
➡️ $4.8B in
⬅️ $5.4B out
📉 Net flow: -$606.7M#Tether (ERC20) $USDT
➡️ $6.6B in
⬅️ $6.7B out
📉 Net flow: -$98.2Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) March 15, 2021
Ether, too, registered a negative net flow during the same period. Crypto exchanges saw more than $4.8 billion worth of ETH deposited while about $5.4 billion were hived off. The final result is that there was a negative flow of $606.7 million worth of the asset.
Based on these statistics, we can conclude that in the past one week, we have had more buyers of Bitcoin and Ethereum than sellers. Notice that Coinmarketcap data showed that Bitcoin had depreciated by 4.5% in the past 24 hours. As of press time, the leading crypto asset was trading at $56,397. This price is over $ 4000 below the coin’s ATH recorded on the 13th of march and its market cap is also now less than $1 trillion.