Bitcoin has had the best month since October 2021 because the stock market flows normalize

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Bitcoin has increased its USD value by 38 % since the beginning of the month, when it had a price of around $ 16,846. According to the Glassnode, January has been the month with the best performance of the assets since October 2021 when it added 41 %.

The current rally was "fueled both by the historical cassanization issue and by a number of short squeezes", the analysis company stated in its weekly report on January 30th.

It also reported a stabilization of the foreign exchange flows after the collapse of the FTX and a panicked exodus of centralized stock exchanges.

"We also find that the initial impulse from stock market drains to FTX has calmed down to neutral and is now compensated for by newly motivated tributaries."

#bitcoin experienced the strongest monthly price development since October 2021.

This rally is fueled by both the question of casserons and a episode of short squeezes

We examine this dynamic on the derivative markets and spot exchanges in our latest contribution: //t.co/ynwsv2ei2a

-Glasknot (@glasknot) 30. January 2023

Bitcoin stock exchange movements normalize

Glassnode also found that Bitcoin-on-chain transactions got up by over 50,000 a day in the past week. "We cannot determine the corresponding increase in the change deposits or withdrawals," she added.

Börsen -related transactions made up 35 % of the total, a key figure that has been declining since May 2021. Even if the foreign exchange flows have normalized since the collapse of the FTX, the amount of the BTC held on it is still declining.

The total credit of Bitcoin, which is stored on trading platforms, is around 2.25 million BTC, the report says. This corresponds to 11.7 % of the circulating offer and is at a multi -year low, which was last recorded in February 2018.

Glassnode added that the total amount of BTC, which flows in and out of stock exchanges, is about $ 625 million a day in both directions. This shows that the exchange flows after the turbulence at the end of 2022, when it was mostly drainage, are now balanced.

"Today the net exchange currents are neutral again, which reflects a cooling of the drains",

The majority of the exchange activities for the month were whales (addresses with more than a thousand BTC), she stated. In January, whales contributed between $ 185 million and $ 215 million to the entire currency fuss and drainage.

BTC price view

BTC prices have suffered a break-in today and, according to Coingecko, fell by $ 3 % to $ 22,887 at the time of writing this article. The asset came to almost $ 24,000 on January 30th, but the resistance there turned out to be too strong.

Bitcoin prices have stayed sideways in the last seven days, but have risen by 8 % in the past two weeks. Most of the profits in this rally were made in early January, which indicates that she may go out of breath.

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