Outflows Rock Bitcoin, Ethereum In Wake Of Price Decline

Bitcoin and Ethereum had led the market in the recent price decline. It has led to a lot of profit-taking on the part of investors that want to avoid incurring more losses in the long term. Nevertheless, investors remain undeterred as they continue to accumulate coins. The result of this has been intense outflows for both Bitcoin and Ethereum leading to a negative net flow for both digital assets. Bitcoin, Ethereum Investors Not Backing Down Bitcoin slid down below $40,000 at the start of the week and brought with it a wave of long liquidations. These prices have seen sentiment turn mostly negative in the meantime but for those who are accumulating, it has been a good time to increase their bags and the exchange outflows corroborate this. Related Reading | TA: Ethereum Steadies Above $3K, Why Upsides Could be Capped For the past day, exchange outflows have surpassed that of inflows by more than $200 million. It has come out to $1.1 billion in bitcoin being moved out of centralized exchanges while inflows remain at $886.4 million for the same time period. The same trend was the case for the second-largest cryptocurrency by market cap, Ethereum. Outflows had also come out ahead of inflows by more than $70 million. In total, there was $658.2 million worth of inflows and outflows went as high as $729.2 million. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $886.4M in⬅️ $1.1B out📉 Net flow: -$236.2M#Ethereum $ETH➡️ $658.2M i...