- Short-term optimism has returned as BTC/USD has recovered and sustained levels.
- The order book data that CryptoQuant collects comes from 21 exchanges.
One-day outflows from exchanges stand at around 46,000 BTC, which shows that Bitcoin (BTC) investors are voting with their wallets. On April 3, 46,408 BTC exited exchange order books, the largest since the beginning of the year, according to data from on-chain analytics company CryptoQuant. Bitcoin is seen as a potentially bullish cryptocurrency when large outflows from exchanges are seen.
Short-term optimism has returned as BTC/USD has recovered and sustained levels above $46,000, resulting in the most outflows in four months. A different outcome from the widely expected drop, around $30,000, was achieved instead, as the pair established new local highs before stabilizing.
Long-term Investors Optimistic
However, buyers seem to be comfortable entering the market beyond $40,000. To put things in perspective, even the bounce that began the run to all-time highs at the end of September failed to generate as much buyer uptake as the previous one had done. The order book data that CryptoQuant collects comes from 21 exchanges. According to additional statistics, a “crazy” disparity between bids and offers last month indicated that bears had finally had enough of selling.
Long-term investors are adamant in their resolution not to sell, while miners continue to add to their reserves at an increasing rate this year. CryptoQuant contributor IT Tech pointed out a positive trend in the buy/sell ratio of Bitcoin takers, revealing a similar position on derivatives markets. The ratio of buy-to-sell volumes from derivatives platforms’ takers is what this indicator measures.
According to CoinMarketCap, the Bitcoin price today is $46,040.31 USD with a 24-hour trading volume of $28,044,687,186 USD. Bitcoin is down 0.38% in the last 24 hours.
