- Bitcoin and Ethereum recorded significant outflows over the past seven days
- While BTC recorded a positive 30-day MVRV, ETH’s was negative
Bitcoin and Ethereum have embarked on an action-packed journey over the past week, as evidenced by a recently observed benchmark. Nevertheless, investors in the two largest cryptocurrency giants saw varying results in terms of their returns.
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More Bitcoin and Ethereum are leaving the exchanges
According to data from InHetBlokBitcoin and Ethereum recorded significant outflows from all centralized exchanges over the past week. The combined value of these outflows amounted to an impressive amount of almost $200 million. A closer analysis of the flow dynamics, using insights from CryptoQuant, vividly illustrated the scale of assets leaving exchanges.
In the case of Bitcoin, a notable highlight emerged when examining the exchange net flow: a substantial spike that occurred at the end of the previous week on October 14. This peak marked the highest outflow during the entire year. While outflows continued to dominate, there was a notable shift in the pattern as small inflows began to make their presence felt at the time of this report.
Source: CryptoQuant
Moreover, Ethereum saw a similar trend in its flow pattern, with outflows maintaining a dominant position. However, on October 20, there was a noticeable break in this pattern. And yet, as of the last update, the prevalence of outflows has once again taken the reins in the ETH exchange flow landscape.
Source: CryptoQuant
Divergence, but clear volume movements
Examining the volume metrics shared by Santiment, it is clear that both Bitcoin and Ethereum saw noticeable volume movements. Bitcoin, for example, recorded an impressive volume of over $28 billion this week.
At the time of this update, volume had dropped to approximately $18 billion, which was still remarkably close to September’s highest volume.
Source: Santiment
Although Ethereum’s trading volume was not as large as Bitcoin’s, it still showed a noticeable spike. In fact, Ethereum’s volume hovers around $6 billion. Despite the variation in the volumes of these two cryptocurrencies, a common conclusion can be drawn: there was a substantial presence of increased trading activity on both markets.
Holders tell different stories
Short-term Bitcoin holders have witnessed positive development in their holdings, as evidenced by the 30-day market value to realized value ratio (MVRV). This metric showed that BTC had reached a figure of around 6.6%. This indicated that holders achieved a gain of over 6%.
Source: TradingView
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On the other hand, Ethereum holders did not share the same fortune. Yet, while they are still down less than 1%, there is a noticeable improvement in the 30-day MVRV.