As the second week draws to a close in this eventful macroeconomic climate, let’s take a look at how the cryptocurrency landscape stands before we all head into the weekend.
Key Points
- Bitcoin’s net outflows from exchanges topped $1 billion for the week
- Tuesday saw Ethereum’s largest daily outflows since October
- Moderate increases in Bitcoin’s new and active addresses
Bitcoin
Data via IntoTheBlock
Bitcoin hit a notable milestone this week as net outflows from exchanges exceeded $1 billion, as shown in the chart above. Net outflows are typically a sign of accumulation, while net inflows to exchanges tend to indicate selling pressure.
Price-wise, last Friday closed around $39,200, and we are currently near $40,700. Looking at volatility, the 30-day annualized standard deviation remained relatively steady at roughly 63%. That shows a calm picture — in plain English, Bitcoin mostly just hung around this week. While the rest of the world seemed turbulent, Bitcoin actually held up fairly well.
Data via IntoTheBlock
Addresses
There was modest growth here as well: new addresses increased by 11% from the previous week. Active addresses stayed largely stable, up about 3%, and zero-balance addresses fell by 2%. All signs point to steady performance during a relatively uneventful week for Bitcoin. If every week were like this, holding it might feel a lot like owning a broad-based stock — perhaps next week will bring more movement and make things more entertaining.
Data via IntoTheBlock
Ethereum
Now let’s see what Ethereum revealed and whether any trends emerged.
Ethereum also showed significant net volumes, with nearly $1 billion leaving exchanges over the week. This was driven chiefly by Wednesday, when net outflows reached $448 million. Measured in dollars, that ranks among the largest single-day outflows of all time and is the second-largest so far this year.
Data via IntoTheBlock
You might recall that the biggest outflow day in 2022 occurred on January 4 — a day nicknamed “Blue Monday.” After the holidays, many users apparently moved crypto gifts to cold storage. Unfortunately, Ethereum fell about 21% over the following four days — a reminder to avoid drawing firm conclusions from one event alone.
It’s not entirely clear what triggered the spike this Tuesday given the lack of similar activity elsewhere. It could have been coincidence, or a specific holder deciding to withdraw ETH for personal reasons. Regardless, it was Ethereum’s largest daily withdrawal since last October, totaling nearly 180,000 ETH. In contrast, the October movement was much larger — roughly 750,000 ETH — more than four times Tuesday’s amount. The chart below highlights the size of this recent move relative to last October and shows the related price action (black line). Be cautious when interpreting these figures.
Data via IntoTheBlock
All in all, a somewhat noteworthy week for Ethereum and a steady week for Bitcoin, which largely guided market sentiment. A calm week without excessive swings — if markets were always like this, investors’ heart rates might be much lower. Then again, that might make things less exciting.
Next time we face ugly red candles, I’ll likely look back on weeks like this with envy. Things could always be worse in crypto. Have a good weekend!