Why there is a lot of demand for bitcoin with Chainalysis

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Philip Gradwell, chief economist at Chainalysis, discussed what’s been happening on the blockchain in the last week.

  • (27:54) “The bitcoin price has continued to rise and it’s now approaching its longer-term levels, nearly reaching its 100 and 200-day average. So it appears there is a lot of demand for bitcoin.”
  • (28:12) “It looks like the supply is meeting that demand, with bitcoin flows into exchanges also returning to their longer term levels…Interestingly, flows into exchanges are above their 200-day average. So actually we’re seeing greater inflows to exchanges while we’re also seeing prices that we’ve seen in the 200-day range. That suggests that there is robust demand keeping the prices up even as there’s an increase in supply.”
  • (29:27) “Flows between exchanges have increased significantly in the last week relative to the last 30 days. And there’s been a USD 221 million cash out from crypto to crypto exchanges and derivative exchanges to crypto to fiat exchanges.”
  • (31:29) “Looking at Tether, the buying power remains, with Tether continuing to enter exchanges at elevated rates.”
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