Philip Gradwell, chief economist at Chainalysis, went through the latest on-chain data on the blockchain with a focus on April 13-26. In that time, during which time the bitcoin price rose significantly.
- (40:01) The BTC price had major climbs on the 16th and 23rd of April.
- (40:21) BTC flows into exchanges increased the day before the price increases, which is unusual.
- (40:44) “We have heard that there were large amounts of fear sitting on exchanges waiting to buy BTC. So perhaps when they saw the price start to move and they saw this extra liquidity enter the market, that was seen as a signal to buy. And actually that waiting demand that was on the sidelines has actually helped buoy up prices.”
- (41:44) A net flow of $158 million in BTC was cashed out from crypto to crypto exchanges to crypto to fiat exchanges last week.