In the year-to-date, about 500,000 Bitcoin have left various cryptocurrencies exchanges. This shows there is an increase in custody over profit-booking, compared to metrics recorded in 2017 and 2019.
Despite the continuous rise in BTC’s price, outflow since the beginning of November has been negative. Less than 15 days into the month and BTC that has left exchanges is worth $1.3 billion. In total, this represents about 83,500 BTC.
Before now, BTC has exceeded $13,000 only three times since its inception in 2009. A CryptoBriefing report noted that the king coin surpassed $13,000 for the first time in 2017 and remained above the price level for more than 40 days. The report added that Bitcoin also exceeded $13,000 for less than 24 hours in 2019.
Now, BTC has hit $16,000 after nearly three years. Notably, BTC has hit $16,000 in the past. Bitcoin previously traded at over $16,000 for 14 days between December 2017 and January 2018. The CryptoBriefing report stated that data shows more strength for further increases compared to previous highs.
In addition, CryptoBriefing highlighted that between 2017 and 2018, crypto exchanges had a positive inflow of $1.8 million BTC. Between December 2017 and February 2018, crypto holders deposited nearly $467,000 BTC on various exchanges.
In 2020, exchanges saw the highest inflow in June, pushing BTC to $13,800.