Despite ongoing price doldrums, investors continue to accumulate Bitcoin at a rapid pace to the tune of hundreds of millions of dollars worth of BTC, according to crypto analytics firm IntoTheBlock.
In a new analysis, Lucas Outumuro, head of research at IntoTheBlock, notes that centralized exchanges witnessed $730 million worth of BTC net outflows in the past week, on the heels of $1 billion worth of outflows the week before.
According to the analytics firm, net outflows are the total amount of Bitcoin leaving crypto exchanges minus the number of net inflows or BTC going into centralized exchanges over the last seven days.
Net exchange outflows point to accumulation, and the recent numbers suggest “strong demand” for Bitcoin when it is priced under the $30,000 level, according to the researcher.
BTC is trading at $29,109 at time of writing. The top-ranked crypto asset by market cap is down more than 2.7% in the past 24 hours and more than 2% in the past week.
Ethereum (ETH), by...
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