These usually follow a trend either in a bull or a bear market and deviate when there is a change in the market.
This recovery which had started on Monday had raged on through the week, seeing the digital asset finally break above $47,000 for the first time in three months.
Glassnode Alerts posted a report that showed that while inflows were at $7.9 billion for the past week, there was a total of $9.5 billion worth of bitcoin leaving centralized exchanges.
Therefore, since more BTC is being removed from exchanges than that moved to be sold, there is less supply in the open market, causing fewer coins to be available for demand, leading to a higher value.
This usually provides a direct correlation with how investors are moving their Tether in and out of the exchanges to bitcoin’s price.
A total of $4.4 billion in inflows were recorded while there was a total of $4.9 billion Tether moved to exchanges.
Given this and the fact that bitcoin exchange outflows keep growing, there is still significant buy pressure in the market.
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