Quick Take
Bitcoin is currently experiencing seven consecutive days of outflows from exchanges, according to Glassnode data This is the longest streak of outflows since December of last year. Before this recent streak of outflows, there was a week or so of inflows to exchanges around the collapse of SVB that triggered the initial panic of the current banking crisis. Investors still remain cautious amid market uncertainty as these are not significant withdrawal amounts. Illiquid supply has also increased by 44,000 Bitcoin in the past two weeks, suggesting that self-custody continues to grow.
Netflow: (Source: Glassnode)
Illiquid Supply: (Source: Glassnode)
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