Bitcoin (BTC) See $1.04B in Net Inflows to Exchanges This Week, Market Hesitates

According to a recent tweet by IntoTheBlock, Bitcoin, the first and largest cryptocurrency by market capitalization, saw $1.04 billion in net inflows to exchanges this week.

Cryptocurrency market standard-bearer Bitcoin (BTC) saw $1.04 billion in net inflows to exchanges this week, a development that essentially erased the outflows recorded in the three previous weeks, highlighting market indecision amid macroeconomic uncertainties.

According to a graphic shared by IntoTheBlock, Bitcoin total fees decreased by 10.74%, amounting to $3.2 million, while $1.04 billion was recorded in exchange flows, with $1.3 billion being inflows.

Generally, large inflows to exchanges could indicate potential selling pressure. Traders move assets to exchanges for various purposes, including selling. This reversal from previous outflows prompts speculation on a major price shift for Bitcoin, which has stagnated in recent weeks.

Bitcoin net flows essentially erased the outflows recorded in the 3 previous weeks, highlighting market indecision amid global political and economic uncertainties.

Meanwhile, Bitcoin continues to attract institutional attention. According to CNBC, video game retailer turned meme stock GameStop is considering investing in Bitcoin and other cryptocurrencies, as reported by sources familiar with the matter. The company is still determining if this is in the best interests of GameStop’s business, according to one insider.

Bitcoin price action稍早在 Friday U.S. trading day with a slight uptick, which later fizzled out. Moving on to Friday’s action, Bitcoin surged to $98,980 following the announcement of January retail sales figures in the United States. The figure largely beat analysts’ expectations, increasing the possibility of a rate cut from the Federal Reserve in the first half of this year.

Bitcoin fell to near $94,000 this week as investors reacted to a slew of economic headlines, including higher-than-expected CPI data.

In an appearance on Tuesday, Federal Reserve Chair Jerome Powell reiterated the central bank’s dedication to lowering inflation and signaled that officials are not rushing to decrease interest rates. Powell also told the House Financial Services Committee that the Fed had made “great progress” on inflation since the cycle peak, but “we’re not quite there yet.”

Bitcoin price was down 0.21% in the last 24 hours to $97,612 at the time of writing, marking the fifth consecutive weekend of decline. Bitcoin is in a tight trading range below its daily SMA 50 of $98,758, anticipating its next major move.