Bitcoin exchange outflows show ‘genuine accumulation by investors’: Analyst

Ongoing accumulation of Bitcoin is likely one of the factors behind why the cryptocurrency is trading in a tight range, say crypto analysts.

The net outflow of Bitcoin from exchanges over the past month suggests that investors have started to accumulate the cryptocurrency, says a CryptoQuant analyst.

March has been largely dominated by Bitcoin (BTC) outflows from crypto exchanges, aside from one spike in inflows just before the asset tapped a six-week high of $76,000 on March 17, according to CryptoQuant data. 

This negative net flow has remained present while Bitcoin “continues its liquidation phase,” the analyst known as Darkfost said on Wednesday.

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