BTC and ETH selling pressure declines as data suggests looming accumulation
On-chain data indicates that bitcoin (BTC) and ethereum (ETH) have observed negative exchange net flows in the past week, contrasting the positive net flow witnessed with tether (USDT). Amid this trend, the bitcoin supply last active in the past ten years has hit an all-time high value. These metrics suggest a notable decrease in selling pressure across the market and a looming accumulation pattern. Glassnode, a renowned on-chain analytics resource, shared crucial insights into these trends in a series of tweets today, providing valuable information about investor sentiment and market dynamics. Weekly On-Chain Exchange Flow #Bitcoin $BTC ️ $6.5B in ️ $6.9B out Net flow: -$397.9M#Ethereum $ETH ️ $2.7B in ️ $3.8B out Net flow: -$1.1B#Tether (ERC20) $USDT ️ $7.6B in ️ $7.3B out Net flow: +$318.1Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) June 19, 2023 The data reveals that BTC saw a net outflow of $397.9 million during the past week. This indi...