- Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, Glassnode data shows.
- Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
- BTC price saw downward action last week following a series of negative market related news.
The global cryptocurrency market cap remains above the $1 trillion mark, with the past 24 hours seeing roughly 0.6% in downward change. The global trading volume in the last 24 hours is around $38.9 billion.
But while Bitcoin (BTC) dominance hovers at 40.4%, the price action has weirdly remained more like a stablecoin. As noted on Sunday, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).
Bitcoin price continues to hover above $22k
Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week.
Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.
According to the analyst, BTC is still poised for a fresh bounce higher as bulls hold above key support. He also points to equities and notes a bounce for indices is likely to cascade into the crypto market. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.
Boring price action on #Bitcoin since the correction, but still acting in support here.
Indices bounced already and seem to continue to do so.
Might have another sweep of the lows and then reverse up, losing $21.5K = trouble time. pic.twitter.com/6GyzaiqZ3U
— Michaël van de Poppe (@CryptoMichNL) March 6, 2023
BTC sees $17.8 million in weekly net flows
As for the net flow, data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and roughly $4 billion in off-exchange flows last week.
The net flow for Ethereum, the second largest cryptocurrency by market cap and with over 17% of market dominance, was about $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.
On the other hand, the leading stablecoin Tether (USDT) saw weekly net flows of about 160 million, with total $6 billion flowing into exchanges and $6.2 billion withdrawn.