Bitcoin Continues To Flow Out Of Exchanges Today

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Coinbase April Outflows

As we’ve highlighted in previous analyses, the latest bitcoin outflow from exchanges has been relentless over the last month despite a lack of price appreciation. With March 2022 being the second-highest outflow month in bitcoin’s history, April has followed up with similar outflow strength so far. In our view, exchange balance outflows is one of the better metrics available for assessing current demand and accumulation sentiment.

Over the last 30 days, nearly 80,000 bitcoin, worth over $3 billion, has left exchanges with the largest outflows coming from Coinbase. Previous major 30-day outflows at this level have corresponded to price appreciation but now we are in a much more unique market structure.