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As we’ve discussed in previous Daily Dives, March 2020 was a significant catalyst and turning point for bitcoin. We can see that in the behavior of exchange balances which have shown consistent net outflow over the last two years.

The two most recent periods of significant inflows were right before both 2021 bitcoin local price tops. These tops in April and November coincided with the previous month showing net exchange inflows of bitcoin in both March and October.

January was the largest outflow month since September 2021. Keeping an eye on exchange flow dynamics can help us track demand sentiment and when that is fundamentally changing for market participants.

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Blockchain Beat

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