Philip Gradwell, chief economist at Chainalysis, provided this week’s onchain reaction:
- (37:32) “Bitcoin inflows into exchanges have continued to decline. Last week we saw the lowest seven day average that we’ve seen in six months. This week it’s been even lower. There are now around 57,000 BTC flowing into exchanges every day.”
- (38:31) “Overall bitcoin balances continue to rise. Tether balances have actually done much the same, continuing to build.”
- (38:55) “When we look at the flows between the different types of exchanges, actually the net flows between them are almost zero. So while there’s still BTC going back and forth between say crypto to fiat/crypto to crypto exchanges, the flow between those two types is balancing out. That’s interesting. It does suggest that traders responsible for most of the net flows between different types of exchanges are actually happy with where their portfolio of assets is sitting. They think they’re well positioned for what’s to come in the market in the coming days and weeks.”
