Today, crypto analytics portal Glassnode Alerts reported very bullish daily stats on on-chain flows surrounding crypto exchanges. According to the data, over the past 24 hours, major cryptocurrencies have exited exchanges rather than entering them. At the same time, there have been large inflows from stablecoins to CEXs.
As of Christmas morning, the net outflow of Bitcoin from exchanges was the equivalent of $46.8 million, while total withdrawals were nearly $300 million.
With Ethereum, these amounts are smaller, but the trend is the same. The total amount withdrawn was $102.8 million in ETH, which is $16.3 million more than what centralized crypto exchanges received.
At the same time, USDT inflows on exchanges were near $280 million, while outflows were $52 million lower.
📊 Daily on-chain exchange flow#Bitcoin $BTC
➡️ $250.2M
⬅️ $297.0M out
📉 Net Flow: -$46.8M#Ethereum $ETH
➡️ $86.4M
⬅️ $102.8 million out
📉 Net Flow: -$16.3M#Tether (ERC20) $USDT
➡️ Raised $279.7M
⬅️ $227.9M out
📈 Net Flow: +$51.9Mhttps://t.co/dk2HbGwhVw
— Glassnode Alerts (@glassnodealerts) December 25, 2022
Stable dominance
Despite the positive numbers for outflows and inflows on Dec. 25, the overall statistics remain mixed. It seems premature to speak of a straight start to the bull market, but real scope for speculation is already forming on the subject.
Source: TradingView
Arguably, the most attention is now focused on the USDT.D indicator, which reflects the dominance of free cash in the crypto market in the form of the Tether stablecoin. The indicator is currently stopping at its all-time high of 8.6%. Its further movement will determine and show which of the “beasts”, the bulls or the bears, will be the winners in the near future.
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