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Friday saw the sixth biggest outflow of Bitcoin from exchanges YTD Friday saw the sixth biggest outflow of Bitcoin from exchanges YTD James Van Straten · 2 years ago
Insights Bitcoin

Friday saw the sixth biggest outflow of Bitcoin from exchanges YTD

Data via Glassnode

Institutional investors continue to scoop up Bitcoin, further driving exchange outflows.

James Van Straten / @jvs_btc / May. 6, 2023 at 8:15 pm UTC

Quick Take

  • May 5 saw the sixth biggest outflow of Bitcoin from exchanges since the start of the year.
  • Roughly $240 million worth of Bitcoin was driven primarily by large whales, denoted by the red and orange colors.
  • This is supported by the accumulation trend score by cohort, which denotes that whales that hold over 10,000 Bitcoin or more continue accumulating and have been for over a month.
  • While all other cohorts are still in a state of distribution.
Accumulation trend score by cohort: (Source: Glassnode)
Accumulation trend score by cohort: (Source: Glassnode)
Net Volume: (Source: Glassnode)
Net Volume: (Source: Glassnode)
Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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