11 BTC in vs 328 BTC out ... per hour? Impressive!

[NeuroticFish]

I've just read this on twitter. I don't know if it's accurate, but ... it looks impressive. It looks like the price is bound to rise and rise.
Still, who is still selling?! I mean that I expect even the miners would start stashing...

However, keep in mind that this is not a trading advice; keep in mind that I don't even know if the data is accurate.

Since #Bitcoin was at $11.4k a month ago, miners have been selling an average 11 BTC per hr at exchanges.

In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers.

This week's average is 328 BTC per hr.

(@glassnode data)

[1714891501]

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[Upgrade00]

Whether or not the data is absolutely accurate, it points out that;
"This is net flows of buyers over sellers"

If you simplify this to supply and demand, judging with the rate of production, institutional investors and public companies are buying up faster than new coins are being mined (IIRC), and this does not take regular investors into account. So, there is a disproportion between supply rate and demand, and with a fixed supply there is only so much that can be available for sale, but demand growth is infinite.

[slapper]

What an overwhelming power. Even if the number is incorrect, I believe that buyers must be at least twice as sellers. The charts have already shown us the information. I just wonder how much bitcoin holders currently have. The more holders, the higher the price of bitcoin too.

The uptrend is quite stable at the moment so it means correction only make a slight impact on the price of bitcoin. Perhaps we can reach $20000 before 2021

[casperBGD]

I've just read this on twitter. I don't know if it's accurate, but ... it looks impressive. It looks like the price is bound to rise and rise.
Still, who is still selling?! I mean that I expect even the miners would start stashing...

However, keep in mind that this is not a trading advice; keep in mind that I don't even know if the data is accurate.

Since #Bitcoin was at $11.4k a month ago, miners have been selling an average 11 BTC per hr at exchanges.

In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers.

This week's average is 328 BTC per hr.

(@glassnode data)

it is good to know, but keep in mind that this is 328 BTC - more/less 7 million USD per hour, or 168m let's say 200 milion USD per day, and BTC daily turnover is around 20 billion USD, so it is pretty negligible, and could be misleading

with that said, i do think that BTC will go up at the moment, seems that there is enough steam for that, but this information does not have that kind of influence on total market

[Mahdirakib]

What an overwhelming power. Even if the number is incorrect, I believe that buyers must be at least twice as sellers. The charts have already shown us the information. I just wonder how much bitcoin holders currently have. The more holders, the higher the price of bitcoin too. ~

The overwhelming power coming from the demand of btc now. Bitcoin price will increase more quickly when the demand will increase significantly within short time. Here is an article based on this tweet and few other information. Which clearly indicates that the buyers are obviously twice as sellers, even more.

the hourly BTC purchases on exchanges are nearly 20 times of what miners are selling. This clearly indicates that the net Bitcoin buyers have overwhelmed the miner selling which has resulted in the latest BTC price surge. Interestingly, the net buyers over the last week have jumped 50% to 328 BTC per hour.

Weekly Per Hour Bitcoin (BTC) Purchase Jumps 50%, Net Buyers Dominate Miner Selling

[stompix]

it is good to know, but keep in mind that this is 328 BTC - more/less 7 million USD per hour, or 168m let's say 200 milion USD per day, and BTC daily turnover is around 20 billion USD, so it is pretty negligible, and could be misleading

The volume is the part that is misleading in this.
Not even mentioning the fact that a lot of exchanges fake their volume with bots that don't move the price at all to gain more clients you can easily create a few hundred million worths of volume with simply a few people trading one-two bitcoins back and forth trying to guess the way the price is going..

While it might not sound impressive in fiat terms that a small number of 328 BTC per hour means in one week we're securing close to 2 months of mining, or reducing the effect of inflation, as each day at the current rate we're printing close to 20 million that has to be inserted in the exchanges to keep the price on the level. And one more thing:

Another Bitcoin evangelist Lark Davis also points out similar data stating: “145,000 Bitcoins has left exchanges in the last month, only 27,000 has been mined in that time…… moon soon”. The developments over the last month and rising institutional participation have fueled the Bitcoin price rally.

People acquiring 100 000 BTC and withdrawing them from exchanges into cold storage thus reducing offer have way more effect on the price than 1cent swing trading.

[Lucius]

People acquiring 100 000 BTC and withdrawing them from exchanges into cold storage thus reducing offer have way more effect on the price than 1cent swing trading.

As far as I know, most large investors do not own their private keys, and what they buy mostly stays online, or maybe better to say in custodial cold storage. Do these BTCs count as those still on the exchange, or do they not count them in the total amount?

I don't mind someone buying BTC, no matter how much since the market is open to all investors - but it seems to me that many don't understand what the risk is when you leave BTC in someone else's custody - but again on the other hand maybe public companies don’t even have any choice but custodial wallets?

[stompix]

As far as I know, most large investors do not own their private keys, and what they buy mostly stays online, or maybe better to say in custodial cold storage. Do these BTCs count as those still on the exchange, or do they not count them in the total amount?

The amount I mentioned or rather the phrase I've quoted is only about the net outflow from exchanges, coins that simply left exchanges for unknown destinations, be it to cold wallets or offline storage or even OTC deals. I doubt that anyone could point right now for sure that there is an increase in coins getting stored in cold wallets or simply more coins are moving without a known intermediary.

I don't mind someone buying BTC, no matter how much since the market is open to all investors - but it seems to me that many don't understand what the risk is when you leave BTC in someone else's custody - but again on the other hand maybe public companies don’t even have any choice but custodial wallets?

I have no clue about this, probably it will vary a lot based on the laws where they operate and how those BTC are seen as...no...no clue... looooool!!!
You just had to mention "public" companies, if you didn't mention that I could give an example of a private company storing the coins by themselves but with public-traded companies, nothing! I can't find anything about Overstock, I remember that they kept 10% of the coins they made and I'm quite sure I've never heard of a custodial service partnership at that time but maybe just my memory is fuzzy.

[Mahanton]

Whether or not the data is absolutely accurate, it points out that;
"This is net flows of buyers over sellers"

If you simplify this to supply and demand, judging with the rate of production, institutional investors and public companies are buying up faster than new coins are being mined (IIRC), and this does not take regular investors into account. So, there is a disproportion between supply rate and demand, and with a fixed supply there is only so much that can be available for sale, but demand growth is infinite.

This is indeed a simple show between that supply and demand thing and its understandable that if there were more buyers than on sellers then
price would really grow but the question is on how long would be the buying power or interest would last? This is where we do really be wise
or to be vigilant on when the market would make a shift because we cant really be just having a continous price increase yet there would really be
correction.Those numbers are indeed impressive and its possible as long the demand is there and we would able to see more numbers as adoption
do increase on upcoming years to come.

[exstasie]

I've just read this on twitter. I don't know if it's accurate, but ... it looks impressive. It looks like the price is bound to rise and rise.
Still, who is still selling?! I mean that I expect even the miners would start stashing...

However, keep in mind that this is not a trading advice; keep in mind that I don't even know if the data is accurate.

Since #Bitcoin was at $11.4k a month ago, miners have been selling an average 11 BTC per hr at exchanges.

In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers.

This week's average is 328 BTC per hr.

(@glassnode data)

At best, they can only truly know BTC inflows vs. outflows, not the net buys vs. sells so they're making some assumptions. And I imagine their data is not perfect either, regarding wallet analysis.

It definitely looks bullish though, agreed.