Ongoing accumulation of Bitcoin is likely one of the factors behind why the cryptocurrency is trading in a tight range, say crypto analysts.
The net outflow of Bitcoin from exchanges over the past month suggests that investors have started to accumulate the cryptocurrency, says a CryptoQuant analyst.
March has been largely dominated by Bitcoin (BTC) outflows from crypto exchanges, aside from one spike in inflows just before the asset tapped a six-week high of $76,000 on March 17, according to CryptoQuant data.
This negative net flow has remained present while Bitcoin “continues its liquidation phase,” the analyst known as Darkfost said on Wednesday.
