Balancing Each Other Out
The exchange net flows reported by Glassnode show barely any difference between the amounts flowing into and out of exchanges. For bitcoin, it recorded $538.6 million worth of BTC flowing into exchanges and $557.4 million flowing out for the same time period. This brought net flows to a measly negative $18.8 million in the 24-hour period. Ethereum was not much different in this regard with $247.8 million in inflows and $245 million in outflows. For the second-largest cryptocurrency by market cap, net flows were at a positive $2.8 million, showing even less disparity compared to bitcoin.📊 Daily On-Chain Exchange Flow
— glassnode alerts (@glassnodealerts)
➡️ $538.6M in
⬅️ $557.4M out
📉 Net flow: -$18.8M
➡️ $247.8M in
⬅️ $245.0M out
📈 Net flow: +$2.8M (ERC20)
➡️ $572.8M in
⬅️ $563.6M out
📈 Net flow: +$9.2M
What This Means For Bitcoin
With the FUD around the Binance crypto exchange losing steam already, there is not much to trigger either large inflows or outflows at a time. This is why these top assets are seeing almost identical net flows. The market is still reeling from the contagion of the FTX collapse and traders and investors alike are refusing to take any big bets.BTC falls below $16,700 | Source:Investor sentiment is also holding steady around 28 on the Fear & Greed Index, putting investors out of the misery that is extreme fear but also leaving just enough caution in the market to prevent any panic buying or selling.