Daily Bitcoin inflows to cryptocurrency exchanges have reached historic lows not seen in nearly a decade, according to data from blockchain analytics platform CryptoQuant.
In April and May 2024, the amount of Bitcoins flowing into major exchanges declined significantly, suggesting Bitcoin traders are not interested in keeping their coins readily available for quick sales.
This trend is particularly notable, as it is the lowest daily inflow to exchanges in the last 10 years. For example, just 8,400 BTC were sent to crypto exchanges on April 20.
These low figures have not been seen since the early days of Bitcoin, when it was trading at less than $1,000 per coin.