Bitcoin Exchange Flows Remain Steady Despite Negative Market News
According to data from Glassnode, Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, indicating a steady flow of activity despite negative market news. The global cryptocurrency market cap remains above the $1 trillion mark, with a slight 0.6% downward change in the past 24 hours.
Crypto analyst Michael van de Poppe has noted the “boring price action” of BTC, as bulls struggle to push the price above $22,000. Last week saw a series of negative market-related news, which caused a downward trend in BTC price. However, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).
Despite the negative news, Bitcoin dominance remains at 40.4%, and the price action has remained stable. The global trading volume in the last 24 hours is around $38.9 billion, indicating a steady flow of activity in the market.
Investors and traders are keeping a close eye on Bitcoin’s price action, as it continues to hover above the $22,000 mark. While the market remains volatile, the steady flow of exchange activity suggests that investors are still confident in the long-term potential of Bitcoin and the wider cryptocurrency market.
