Tuesday, June 6, 2023
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Exchange Inflows, Outflows At A Stalemate As Bitcoin Refuses To Budge

Bitcoin is still struggling below $17,000 and centralized exchange inflows and inflows seem to be mirroring the trend of the digital asset. Over the last 24 hours, the net flows from exchanges have been seeing a near balance between inflows and outflows.

Balancing Each Other Out

The exchange net flows reported by Glassnode show barely any difference between the amounts flowing into and out of exchanges. For bitcoin, it recorded $538.6 million worth of BTC flowing into exchanges and $557.4 million flowing out for the same time period. This brought net flows to a measly negative $18.8 million in the 24-hour period.

Ethereum was not much different in this regard with $247.8 million in inflows and $245 million in outflows. For the second-largest cryptocurrency by market cap, net flows were at a positive $2.8 million, showing even less disparity compared to bitcoin.

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The USDT stablecoin issued by Tether was still very muted in this regard. The $563.6 million in outflows compared to $572.8 million in inflows brought its net flows to a positive $9.2 million. More disparity compared to ethereum but is just as muted.

What This Means For Bitcoin

With the FUD around the Binance crypto exchange losing steam already, there is not much to trigger either large inflows or outflows at a time. This is why these top assets are seeing almost identical net flows. The market is still reeling from the contagion of the FTX collapse and traders and investors alike are refusing to take any big bets.

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The impact of this has been that the price of bitcoin has not seen any meaningful movement. While it continues to maintain its critical support level above $16,500, there has been not much momentum to help it retest the $17,000 resistance level.

Bitcoin price chart from TradingView.com

BTC falls below $16,700 | Source: BTCUSD on  inew.news

Investor sentiment is also holding steady around 28 on the Fear & Greed Index, putting investors out of the misery that is extreme fear but also leaving just enough caution in the market to prevent any panic buying or selling.

If momentum fails to pick up, decreased trading volume around the holidays for the next two weeks could push bitcoin below the $16,000 level. If this happens, then the digital asset could end up closing the month of December in the red.

BTC is changing hands at $16,690 at the time of this writing. It is down 4.94% in the last 7 days and 0.23% in the last 24 hours.

Featured image from Vauld, chart from inew.news



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