Exchanges have seen net outflows of Bitcoin, on a 30D basis, since June 27, 2021, indicating investors are accumulating BTC.

As the summer doldrums continue with BTC stuck in the $30,000 to $40,000 range, on-chain data paints an evolving story following the spring downturn. BTC on exchanges have seen net outflows for the last 19 days on a 30-day basis, a reversal from inflows in May and June. Furthermore, the hash rate, a barometer of the network's security, has stabilized, indicating miners are coming back online. The BTC futures perpetual funding rate has recently been close to neutral, indicating traders are not heavily positioned one way. Combined, these indicators suggest investor appetite for Bitcoin may be returning.

Exhibit 1. Exchange Net Bitcoin Flows, Rolling 30D Basis

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About the Author

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Martin Gaspar
Research Analyst

Martin is a research analyst at CrossTower. Martin has several years of experience in conducting fundamental research and cryptocurrency analysis. Prior to joining CrossTower, Martin was a fixed income research analyst at Wells Fargo Securities, where he helped support traders, salespeople, and buy-side clients through his actionable investment recommendations. He has a passion for crypto and has followed the space extensively since 2012. Martin holds a BA from Colorado College, where he graduated with Distinction in Economics.