Amid the ongoing Bitcoin (BTC) bull cycle, it is evident that holders of the cryptocurrency are not selling off the asset.
As revealed by Glassnode data, Bitcoin’s Exchange Outflow Volume (7d MA) just reached a 1-month high of $102,299,130.40. This exchange outflow volume surpasses a similar record set by the first digital currency barely 2 days back.
Everyone is gradually catching onto the Bitcoin fever, with both retail and institutional investors stacking up on the cryptocurrency like never before. The signs of prosperity appeal to many, as Bitcoin has not just increased by over 483% year-to-date to be exchanging hands at $56,385.00 according to Coingecko, the coin has been tipped to rise by a bigger rate before the end of the year.
The Bitcoin exchange outflow volume is an on-chain metric that suggests the activity of the coin’s holders with respect to custody. With many transferring their assets away from exchanges, this indicates that the interest to sell or dispose of is not there. The data implies that Bitcoin may be seeing outflows into cold wallets, or for use in decentralized finance (DeFi) ecosystems. This is done with full confidence that the asset is poised to see bigger gains over time.
Also, other on-chain data shows that many more people are engaging in Bitcoin-related transactions as seen by the median transaction volume. Per a 7-day Moving Average data, the median transaction volume has reached a new 3-year high of $1,391.77 according to Glassnode.
The impressive strides of Bitcoin continue to be inspired by the community, which continues to profess good tidings about the potentials of the cryptocurrency. Due to this, more conservative investors in the financial market, including gold bulls such as Jeffrey Gundlach, are beginning to see BTC as the best stimulus asset.