Jan Wüstenfeld on Nostr: Both Bitcoin exchange in- and outflows have been in a macro downward trend since the ...

Both Bitcoin exchange in- and outflows have been in a macro downward trend since the bull run in 2017, considering the 365-day moving average.

It picked up during the last bull run but was not as strong as in 2017.

Overall an unusual trend as before 2017 the trend has been upward.

Reasons may be:

-decline in activity due to bear market (but does not explain overall trend)

-diminishing use of bitcoin for speculative purposes due to:

a) increasing availability of other trading pairs, such as stablecoins and

b) a change in the composition of bitcoin users, with fewer users using bitcoin for speculative purposes and short-term trading.
Both overall, leading to fewer deposits to and withdrawals from exchanges.


Data source: CryptoQuant