- Glassnode data indicates that Bitcoin on-chain trade flows reached $4 billion and $4 billion last week.
- Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
- Last week, BTC prices fell following negative market news.
The global cryptocurrency market cap is still above $1 trillion, with 0.6% decrease in the last 24 hours. In the last 24 hours, global trading volume has reached $38.9 Billion.
Although Bitcoin (BTC), still holds a 40.4% market share, its price action has strangely remained closer to a stablecoin. Bitcoin rebounded from the $22,000 level on Sunday as markets responded to Silvergate (USDT) and Bitcoin (BTC).
Bitcoin prices hover around $22k
On-chain exchange flow is a measure that measures the difference between BTC volume flows onto and from exchanges. It points to the above flat action for Bitcoin prices. The net flow is consistent with the large number of doji candlesticks that the top crypto market cap has seen since last week.
Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.
The analyst believes that BTC has the potential to bounce higher, as long as bulls remain above key support. He also cites equities, and says that a rebound for indices will likely cascade into crypto markets. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.
Boring price action #Bitcoin since the correction, but still acting here in support
Indices bounced and continue to bounce.
Another sweep of the lows, then reverse up. Losing $21.5K = Trouble time. pic.twitter.com/6GyzaiqZ3U
— Michaël van de Poppe (@CryptoMichNL) March 6, 2023
BTC receives $17.8 Million in weekly net flows
Data from the on-chain analytics platform Glassnode provides data regarding net flow shows About $17.8 Million in net flows. There were approximately $4 billion of inflows and $4 billion in offexchange flows.
The net flow to Ethereum, the second-largest cryptocurrency in terms of market capital and having over 17% market dominance was $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.
Tether, the most popular stablecoin (USDT), saw net weekly flows of approximately 160 million. Total $6 billion was flowing into exchanges, and $6.2 billion was withdrawn.
Share this article