8,080 bitcoins were sent to bitcoin-fiat exchanges in the past 24 hours. This is the lowest volume of the digital asset sent to exchanges in the past 42 days. This is as per the data available at the market intelligence platform, Chanalysis.
According to the charts, inflow of BTC to the exchanges on July 17 is 39,413 BTC. This is lower than the 180 days average and could be a pointer that a lesser number of investors are exiting their positions, considering that the price of Bitcoin seems to have stabilized above $20k mark in the last few days.
7 Day, 30 Day, 90 Day And 180 Day Averages
The 7 day inflow average for the exchanges is 61,956 BTC, while the 30 day average is 73,768 BTC. 90 day average is 77,106 BTC, while the 180 day average is 62,207 BTC.
The change in the exchange held BTC in the last 24 hours is 25,494 BTC. This is higher than the 180 day average and an indication that there are still many investors exiting their positions.
The certain 7 day average change in the BTC held in the exchanges is 22,754 BTC, with a possible change ranging from -3,218 to 22,754 BTC.
The certain 30 day average change in BTC held exchange is 20,036 BTC, with a possible change ranging from 897 to 20,036 BTC.
For the 90 day average, certain change in BTC held exchange is 12,594 BTC, while possible change ranges from -1,607 to 12,594 BTC. The 180 day average shows that certain change in exchange held BTC is 7,891 bitcoins while the possible change ranges from -1,775 to 7,891 BTC.
What These Could Mean for The Market
On the one year BTCUSD chart, BTC seems to be trading sideways. The asset, which is currently trading at $22,366 is still bearish from the year-to-date chart. With a Relative Strength Index of 61, Bitcoin is not yet overbought, This is the sentiment expressed by Rondd, a swing trader who said,
“for new people who think this is bullish , BTC can be back [down] anytime in exchange [with new] sell offs. Most of big traders / institutions use cold wallets to keep money safe until they decide to send back to sell.”
This is also the view of Otchi Okamania, a trade advisor. According to him,
“This means that traders do not trust trading platforms as much. This indicates that there is a strong possibility that prices will come down strongly. Platforms may move to stop withdrawals.”