Bitcoin Exchange Inflows Hit Decade Low Amid Growing Institu...

Bitcoin exchange inflows have plummeted to levels last seen nearly a decade ago, according to recent data from the on-chain analytics platform CryptoQuant. Daily BTC inflows have been decreasing significantly since the cryptocurrency's peak price of $73,800. As of April and May 2024, major cryptocurrency exchanges are recording some of the lowest daily inflows in ten years. On April 20, only 8,400 BTC entered exchanges, a number reminiscent of times when Bitcoin was priced under $1,000 per coin. CryptoQuant monitors a substantial number of spot and derivative exchanges to gather these insights. This trend signifies a major shift in investor behavior, indicating a newfound reluctance to position Bitcoin for quick sales on exchanges. Institutional interest in Bitcoin has been growing, suggesting the dawn of a new era in cryptocurrency investment. Despite the price's recent volatilit...