Today, crypto analytics portal Glassnode Alerts reported highly bullish daily statistics on on-chain flows around crypto exchanges. According to the data, over the past 24 hours, key cryptocurrencies have been leaving rather than entering exchanges. At the same time, there were large inflows of stablecoins to CEXs.
By Christmas morning, the net outflow of Bitcoin from exchanges was the equivalent of $46.8 million, while the total withdrawal amount was almost $300 million.
For 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 The total amount withdrawn was $102.8 million in ETH, which is $16.3 million more than what centralized crypto exchanges received.
USDT inflows to exchanges at the same time were close to the $280 million mark, while outflows were $52 million lower.
📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $250.2M in
⬅️ $297.0M out
📉 Net flow: -$46.8M#Ethereum $ETH
➡️ $86.4M in
⬅️ $102.8M out
📉 Net flow: -$16.3M#Tether (ERC20) $USDT
➡️ $279.7M in
⬅️ $227.9M out
📈 Net flow: +$51.9Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) December 25, 2022
Despite the positive figures for outflows and inflows on Dec. 25, the overall statistics remain mixed. It seems premature to talk about a direct bull market start, but real room for speculation on the subject is already forming.
The most attention is now probably focused on the USDT.D indicator, which reflects the dominance of free cash in the crypto market in the form of the stablecoin from Tether. At the moment, the indicator has stopped at its all-time high of 8.6%. Its further movement will determine and tell which of the “animals,” the bulls or the bears, will be the winners in the near future.