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November 10, 2020

OnChain Reaction

What’s been fueling a very large amount of BTC flowing into exchanges with Chainalysis

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Philip Gradwell, chief economist at Chainalysis, provided an overview of what’s been happening on the blockchain over the past few weeks.

(43:59) “Well it’s an exciting time to be in cryptocurrency. Bitcoin has now spent multiple weeks with its price above $10,000. It’s only the third time in bitcoin’s history the price has been above $10K for multiple weeks.”
(44:15) “Due to those high prices, there’s been a very large amount of bitcoin flowing into exchanges to be sold. This is because people want to take advantage of this high demand and these high prices to lock in some gains. Now, in the last week, there has been a slight decrease in bitcoin inflows to exchanges compared to the previous weeks, which suggests that some of the selling pressure is starting to ease.”
(44:41) Bitcoin holders are cashing in 25%+ gains at a rate, given the price level, not seen since the late 2017 bull market.
(45:56) Ethereum has a similar story of reduced profit taking last week, easing the sell pressure somewhat.
(46:35) Tether inflows to exchanges have been at all-time highs, with $806 million, 9% of supply, incoming on Aug. 10.

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Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017 and after learning about the peer-to-peer nature of Satoshi's creation has never looked back. Previously she covered institutional investing and fintech for several major trade publications. Gerelyn resides in Verona, N.J.

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