Bitcoin continues “boring action” as BTC hovers above $22k

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  • Glassnode data shows that bitcoin on-chain exchange flows were between $4 billion and $4 billion last week.
  • Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as it struggles above $22,000.
  • The last week saw a drop in BTC price following a series of negative news related to the market.

The global cryptocurrency market cap remains above the $1 trillion mark, having seen a decline of about 0.6% over the past 24 hours. The global trading volume in the last 24 hours is around $38.9 billion.

But while Bitcoin (BTC) dominance stands at 40.4%, the price action remains strangely stablecoin-like. As noted On Sunday, bitcoin managed to hit a low of $22,000 as the market reacted to news related to Silvergate and Tether (USDT).

Bitcoin price continues to hover above $22k

Weekly on-chain exchange flow, a metric that shows the difference in BTC volumes and flows on exchanges, points to an upward flat action for the bitcoin price. The net flows largely align with the doji candlesticks seen across major cryptos by market cap since last week.

Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for bitcoin since last week’s sharp pullback.

According to the analyst, BTC remains poised for a fresh surge as the bulls hold above key support. He also points to equities and notes that the boom for the index is likely to come from the crypto market. However, if a fresh “sweep of the lows” towards $21,500 fails, it could do further damage for BTC.

BTC sees $17.8 million in weekly net inflows

For net flows, data from on-chain analytics platform Glassnode shows Net inflows of approximately $17.8 million, inflows of $4 billion last week, and off-exchange inflows of approximately $4 billion.

Net inflows to Ethereum, the second largest cryptocurrency by market cap and with more than 17% of market dominance, were approximately $423.8 million. The exchange flow of major altcoins was $2 billion in on-chain inflows and $2.4 billion in outflows in the past week.

On the other hand, the leading stablecoin Tether (USDT) saw a weekly net inflow of nearly 160 million, with a total of $6 billion flowing into exchanges and $6.2 billion out.

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