\t\t\t\t\t\t
<\/p>\n
- \n
- Bitcoin saw a significant inflow recently that reached a monthly high.<\/span><\/em><\/li>\n
- Despite this, BTC outflow still dominated the exchange flow.<\/span><\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/a> has recently gained significant attention, primarily because of its ongoing downward price trend. In light of this downtrend, recent data indicates that the amount of Bitcoin deposited into exchanges reached a monthly peak. But how does this influx compare to the outflow of Bitcoin from exchanges?<\/span><\/p>\n
\nRead Bitcoin (BTC) Price Prediction<\/a> 2023-24<\/p>\n
\nBetween Bitcoin inflow and outflow<\/b><\/h4>\n
A recent update from Glassnode Alerts<\/a> highlighted that the inflow of Bitcoin<\/a> into all exchanges reached a new monthly peak on 22 August. Then, the recorded inflow surpassed 1,300. <\/span><\/p>\n
Expanding the analysis, a comprehensive overview of the cumulative inflow volume, according to Glassnode, revealed that the overall inflow exceeded 32,000. These figures would naturally imply a substantial influx of BTC into exchanges, indicating a potential sell-off.<\/span><\/p>\n
![\"Bitcoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-total-transfer-volume-to-exchanges-btc-all-exchanges-7d-moving-average.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
However, gaining a more comprehensive perspective required examining the outflow volume. According to the outflow volume data from Glassnode, as of this writing, the outflow exceeded 33,000. <\/span><\/p>\n
This signified a minor upturn in the outflow in comparison to the inflow. The implication here is that there appeared to be a state of equilibrium between the inflow and outflow presently, debunking the narrative of a widespread sell-off.<\/span><\/p>\n
![\"Bitcoin](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Bitcoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-total-transfer-volume-from-exchanges-btc-all-exchanges.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
Analyzing the Bitcoin netflow<\/b><\/h4>\n
Examining the netflow chart provided by Glassnode offered a more distinct insight into the dynamics of the Bitcoin<\/a> movement throughout all exchanges. The chart displayed a prevailing pattern of BTC outflow starting from approximately 18 August. <\/span><\/p>\n
This observation pointed out that, despite the ongoing downward trend, more BTC were departing from the exchanges daily than the amount deposited.\u00a0<\/span><\/p>\n
![\"Bitcoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-net-transfer-volume-from-to-exchanges-btc-all-exchanges-1.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
This breakdown of the initially assessed total inflow and outflow volumes verified the lack of a frantic selling scenario, at least for now.<\/span><\/p>\n
BTC hits four-month RSI low<\/b><\/h4>\n
Examining the daily timeframe chart of Bitcoin<\/a> revealed an ongoing downtrend that displayed no signs of abating. Bitcoin has experienced nine consecutive days of declining prices as of this writing. Its current trading value hovered around $26,130, with the price decrease registering at less than 1%.\u00a0<\/span><\/p>\n
- Despite this, BTC outflow still dominated the exchange flow.<\/span><\/em><\/li>\n<\/ul>\n
![\"BTC\/USD](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-23_11-28-51.png\")