Philip Gradwell, chief economist at Chainalysis, analyzed the onchain data for the week.
- (31:47) Trend of low inflows to exchanges continued until Tuesday, June 2, when they doubled as price jumped. An extra 65,000 BTC went into exchanges.
- (32:40) Bitcoin exchange balances are now clearly increasing. While more bitcoin is being added to exchanges, it is being traded less frequently.
- (33:17) “Tether has also seen an increase in balances on exchanges.”
- (33:49) Flows between exchanges are down, although derivative exchanges received a net inflow of $58 million.