Btc, eth, usdt - exchanges inflows and outflows in the last week (24.05)

Just a short summary of last weeks crypto flows into and out of exchanges.

For BTC: $25.4B in, $23.9B out, resulting in Net Flow of +$1B 

Last time I was writing this report we were at 43-45k and we had inflow of $2.2B to exchanges - guess you know what happen next. As you can see, in the past week, net inflow to exchanges was actually smaller, but still this direction is dominant and barrage of bad news certainly doesn't help. Until this trend reverses it will be hard to have a lasting pullback, still the fact that in the shock and panic net inflow to exchanges was actually less than 50% of what we have seen previously is a slightly optimistic sign. As you might expect - volatility in both directions was significantly higher. 

For ETH: $14.3B in, $14.9B out, resulting in Net Flow of -$588.5M

Now color me impressed, but ETH net flow remained negative - volume of outflow stayed pretty much the same, volume of inflow increased a lot, but still overall there is less ETH on the exchanges than it was a week ago. Can you have a better statement of resilience? I would bet that in the bloody market of last week the rush to sell would prevail, yet for every scared to death speculator selling there was more than one buying investor (of speculator with bigger cohones). I perceive this as very bullish sign and a show of strength despite dipping prices.

For USDT: $12B in, $11B out, resulting in Net Flow of +$942.6M

Flows of USDT got slightly bigger, net flow rose by quite much, comparing to previous +$305M. You could interpret this as a money seeking cheap crypto.  

As a reminder:

BTC and ETH flowing into exchanges is considered bearish, under the assumption such assets will be sold increasing the supply and pushing the price down.

Opposite is true for flows out of exchanges - it is considered bullish since this limits the supply available for buyers, so should result in prices of BTC and ETH rising.

With USDT directions are reversed. It is a stablecoin so its movement don't reflect on its price (always $1), but inflow of USDT to exchanges is perceived as an increasing demand for other crypto and outflow from exchanges as a bearish sign, since there is less "money" that could potentially buy other crypto. 

May your coins be like cats - eager to climb and unable to come down,

Cryptocat

All tips go to cat treats and catnip :) 

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This is not a financial advice – I’m no financial adviser, nor is this a legal advice – although I’m a lawyer. This is no advice at all, seriously, don’t take advice from random cats – the Internet is full of them! DYOR!