Bitcoin exchange outflows have soared to levels last seen two years ago, according to data released by on-chain analytics firm Glassnode.
BTC is up 2.08%.
Data indicate that aggregate exchange outflows have hit 96,200 Bitcoin per month, a volume only seen on a “handful” of occasions. The level was last seen two years ago, at the end of March 2020.
The latest outflow level is in line with the establishment of a price bottom, which likely drove the digital token higher in the last three months of 2020. This could happen again but would need time to play out.
Analysts believe Bitcoin is currently undervalued, with the digital token said to be at a 55% discount. This comes with the next halving seen in the short term, with market volatility expected.
A number of bulls see Bitcoin hitting $50,000, but this could be delayed due to a number of factors, with market players still on the sidelines amid the ongoing conflict in Ukraine, and the anticipated rate hikes by the Federal Reserve.
Bitcoin recorded a bullish uptrend in the last week of March but has recorded uncertainties moving forward.