- On-chain data shows more Bitcoin and Ether were moved-off crypto exchanges over the past week.
- Bitcoin is about $3,000 below its ATH
On-chain market data from Glassnode, a cryptocurrency analytics platform, suggests that many people had bought Bitcoin (BTC) and Ether (ETH) for hodling as the cryptocurrencies grew in market value over the past week. Notably, the largest cryptocurrency performed better last week, reaching another all-time high (ATH) at $61,683 since it dropped to about $43,000 towards the end of February.
Weekly on-chain Bitcoin, Ether flows on crypto exchanges
As Glassnode shared on Monday, about $15.4 billion worth of Bitcoin was transferred to crypto exchanges over the past weekend. This was probably made trading looking to cash out from the recent surge in the cryptocurrency from $50,000 to over $60,000. Within the same period, however, a higher amount of Bitcoin ($15.9 billion) was moved-off from cryptocurrency exchanges, which signals that more people were ready to hodl Bitcoin at those price levels.
This constituted a total Bitcoin net flow of $594.1 million, according to the information by Glassnode. The second-largest cryptocurrency, Ether, also recorded a negative net flow over the past week. About $4.8 billion worth of Ether were deposited on crypto exchanges, while $5.4 billion were transferred off the exchanges, accounting for a total net flow of -$606.7 million.
🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin $BTC
➡️ $15.4B in
⬅️ $15.9B out
📉 Net flow: -$594.1M#Ethereum $ETH
➡️ $4.8B in
⬅️ $5.4B out
📉 Net flow: -$606.7M#Tether (ERC20) $USDT
➡️ $6.6B in
⬅️ $6.7B out
📉 Net flow: -$98.2Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) March 15, 2021
Following the stats, one can conclusively say that there were more strong-hand buyers for Ethereum and Bitcoin than sellers in the past seven days.
Bitcoin price update
During press time, Bitcoin was trading at $58,048 on Coinmarketcap, about a 4.5 percent decrease over the past 24 hours. Meanwhile, this is about $3,000 below the ATH, which was recorded on March 13. The cryptocurrency now has a market capitalization below $1 trillion.