Bitcoin exchange activity shows notable shifts in early 2025, as both exchange inflows and miner outflows decrease substantially from their November 2024 peaks, pointing to reduced selling momentum in the market.
Data reveals exchange inflows reached their highest point of 98,748 BTC on November 25, 2024, during a period of intense trading activity. December saw a marked decline, with daily inflows ranging between 11,000 to 79,000 BTC.
Mining operations, which regularly sell Bitcoin to cover operational costs, have also scaled back their exchange deposits. Miner outflows peaked at 25,367 BTC on November 11 when Bitcoin prices touched $88,000. In contrast, the first three days of January 2025 saw much lower outflows, averaging around 4,500 BTC daily.
Market analysts remain optimistic about Bitcoin's prospects, with Bitfinex projecting a trading range of $95,000-$110,000 for January. However, analyst Axel Adler notes that increased trading volume is needed to break through current resistance levels.
"The market structure remains bullish, with no clear signs of being overheated. However, for a strong impulse, we lack sufficient trading volume," Adler stated on January 4.
Adding to the positive sentiment, Bitcoin ETFs recorded $900 million in inflows on January 3, 2025, marking a recovery from previous outflows and suggesting renewed institutional interest in the cryptocurrency.
The combination of decreased exchange inflows, reduced miner selling, and recovering ETF interest paints a picture of easing sell pressure in the Bitcoin market as 2025 begins.
Note: This article is for informational purposes only and should not be considered financial advice.