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1/4 #Bitcoin 
looks like it's on the way to new all time highs. Exchange net flows during the peak of the previous bull cycle was positive, i.e. Bitcoin moving into exchanges for selling. The opposite happens now. This is very bullish.
all charts: @glassnode
looks like it's on the way to new all time highs. Exchange net flows during the peak of the previous bull cycle was positive, i.e. Bitcoin moving into exchanges for selling. The opposite happens now. This is very bullish.all charts: @glassnode
2/4 If we look at longer term averages of this metric, one sees how unprecedented the outflow from exchanges is. This is a supply crisis, that is very bullish. It's even a stronger signal when you consider that security of exchanges has improved over time thereby reducing the
3/4 need for cold storage theoretically. My interpretation is that this is a huge wave of institutional buying and a lot of that happened in the 30-40k area.
4/4 I therefore see way more upside as also demonstrated in the big picture view previously (see link below). 40k was definitely NOT the top of this cycle - rather the beginning. https://twitter.com/2210ft/status/1352628331406094336?s=20
