According to crypto analytics firm IntoTheBlock, Bitcoin (BTC) disappeared from centralized exchanges this week at the highest level since June 2023.
In a new analysisLucas Outumuro, head of research at IntoTheBlock, tracked the net flows of the major crypto assets, which measure Bitcoin’s movement in and out of centralized crypto exchanges by subtracting the amount of BTC withdrawals from its deposits.
Outumuro notes that $540 million in Bitcoin net flows left centralized crypto exchanges this week, the largest weekly net outflow total in eight months. InTheBlok interprets the movement of BTC from crypto exchanges as a bullish sign for the major crypto assets.
Bitcoin costs fell 32.2%, with Outumuro citing the “decline” of ordinal activity. The analyst says fees are an indication of willingness to spend the asset, as well as demand to use it.
Outumuro also notes that $370 million in Ethereum (ETH) net flows left centralized exchanges this week, marking seven straight weeks of net outflows for the smart contract platform. Meanwhile, the cost of ETH fell by 14.6%.
BTC is trading at $50,850 at the time of writing. The highest-ranked crypto asset by market capitalization is down about 2.5% over the past seven days.
ETH is trading at $2,928 at the time of writing. The second-ranked crypto asset by market capitalization is up more than 4% in the past week.
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Generated image: Midjourney