Bitcoin exchange outflows see biggest daily spike since September 2021

Bitcoin
(BTC)
investors
are
voting
with
their
wallets
as
one-day
outflows
from
major
exchanges
near
30,000
BTC. 

Data
from
on-chain
analytics
firm
CryptoQuant

shows

that
on
Jan.
11,
29,371
BTC
left
exchange
order
books

the
most
since
Sep.
10.

The
four-month
high
in
outflows
corresponds
to
short-term
optimism
returning
on
Tuesday
as
BTC/USD
bounced
and
maintained
levels
above
$42,000.

The
pair
subsequently
went
on
to
hit
local
highs
of
$43,150
before
consolidating,
this
nonetheless
a
different
turn
of
events
to
the
widely
predicted
cascade
toward
$30,000.

While
such
an
outcome
remains
a
topic
of
debate,
buyers
seem
comfortable
entering
the
market
above
$40,000.

For
context,
even
the
bounce
that
sparked
the
run
to
all-time
highs
at
the
end
of
September
failed
to
produce
as
much
buyer
uptake
as
Tuesday.


Bitcoin
exchange
netflow
chart.
Source:
CryptoQuant

“Volumes
are
thin.
That
means
the
market
can
have
huge
moves
up
or
down
easily,”
Samson
Mow,
CEO
of
Blockstream,

commented

on
the
status
quo:

“Given
that
we
had
a
big
move
down
already,
and
everyone
is
buying
like
no
tomorrow,
I’d
say
the
next
move
is
up.”

CryptoQuant
tracks
a
total
of
21
exchanges
for
its
order
book
data.
Last
week,
separate
data
focused
on
what
one
analyst

described

as
a
“crazy”
imbalance
between
bids
and
asks,
indicating
that
bears
were
finally
beginning
to
tire
of
selling.

Buyers
get
bolder

Spot
buyers
were
previously
the
main
cohort
missing
from
interest
in
BTC
at
current
price
levels.



Related: Bitcoin
returns
to
$42K
as
bets
start
favoring
‘short
squeeze’
higher
for
BTC

As
Cointelegraph

reported
,
miners
continue
to
add
to
their
reserves
at
an
increasing
pace
this
year,
with
long-term
holders
steadfast
in
their
resolve
not
to
sell.

Highlighting
a
bullish
trend
in
the
Bitcoin
taker
buy/sell
ratio,
CryptoQuant
contributor
IT
Tech
revealed
a
similar
situation
unfolding
on
derivatives
markets.

The
metric
refers
to
the
ratio
of
buy
and
sell
volumes
from
takers
on
derivatives
platforms.
A
value
below
1
implies
bearish
sentiment,
and
while
that
is
currently
the
case,
the
direction
is
up.

“If
will
cross
1
then
we
should
have
Bullish
sentiment
again
and
it
chance
to
price
trend
reversal,”
IT
Tech

summarized

in
one
of
CryptoQuant’s
“Quicktake”
posts
Wednesday.

“Personally
I
am
preparing
to
final
bull
run
which
will
come
sooner
or
later.”


Bitcoin
taker
buy/sell
ratio
vs.
BTC/USD
annotated
chart
(screenshot).
Source:
CryptoQuant

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