USDTUSD Tether USD

Bitcoin daily exchange net flows have been erratic for the last month, to say the least. This is due to the numerous swings between dumping and stacking being done by investors in the space, all of which have affected the price of the digital asset in their own way. However, the net flows have begun to find a balance and it is unfortunately not a positive one. Outflows Start To Dominate The inflows and outflows for the last day have not been alarming in a way but the fact that it continues to skew towards inflows which us a testament to the sell-offs that have rocked the place. The data from Glassnode which shows the net flows between the two shows that more BTC was moving into centralized exchanges than those going out of them. A total of $729.7 million BTC were moved out of exchanges in the last day, while inflows came out to $766.9 million. This led to a net positive flow of $37.2 million. Related Reading | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play? This comes as no surprise given that more investors are trying to get out of the digital asset to avoid incurring more losses. Even with the accumulation trend that has been recorded across large investors, it is still not enough to upset the amount of BTC being moved to centralized exchanges to be sold. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $766.9M in⬅️ $729.7M out📈 Net flow: +$37.2M#Ethereum $ETH➡️ $316.1M in⬅️ $281.1M out📈 Net flow: +$35.1M#Tether (ERC20) $USDT➡️ $364.9M in⬅️ $403.5M out📉 Net flow: -$38.6Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) July 12, 2022 This has negatively impacted the price of bitcoin given that the digital asset had declined below $20,000 once more. The fact that there is more USDT leaving exchanges than that coming in shows that investors are moving to stablecoins for safety. As such, they are not buying cryptocurrencies like bitcoin. BTC loses footing above $20,000 | Source: BTCUSD on TradingView.com Bitcoin Investors Try To Catch Up Even though the price of bitcoin is still declining, the interest from investors, especially smaller ones, has not waned. This renewed interest is seen in the number of addresses holding at least 0.1 BTC. After falling during the price crash, the number has now recovered and has reached a new all-time high of 3,706,019 addresses with more than 0.1 BTC on their balance. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? Now, this has not affected the price much in any way given these smaller investors have little control over the market. However, it speaks volumes about how investors are viewing the current market climate, which to many has become an opportunity to buy coins at a discount. Nevertheless, the digital asset continues to maintain bearish momentum. More addresses are being triggered as the price decline continues. Bitcoin is trending at $19,670 at the time of this writing and has now fallen below its $400 billion market cap. Featured image from Analytics Insight, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…