Bitcoin exchange outflows mimic 2023 as whales buy retail 'panic'
Bitcoin exchanges are experiencing a significant decline in user inflows, signaling the end of the 2022 crypto bear market. Data from CryptoQuant indicates that the average net flows of exchanges have reached their most negative levels in two years, suggesting a reaccumulation of assets by investors. The 100-day simple moving average of exchange net flows shows the highest Bitcoin outflow since early 2021, with overall exchange BTC balances at their lowest in years, dropping to 2.535 million BTC in early April. Larger Bitcoin holders, or "whales," have been accumulating BTC while retail investors sell, with wallets holding between 10 and 10,000 BTC now controlling 67.77% of Bitcoin's supply. Whales have added over 53.6K BTC since March 22, indicating a trend of accumulation during price declines.
