The following is an excerpt from a recent issue of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to get these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Coinbase outflows in April

As we have highlighted in previous analysis, the recent Bitcoin outflow from exchanges over the past month has been relentless despite the lack of price appreciation. After March 2022 was the second-highest outflow month in Bitcoin history, April followed with a similar outflow strength so far. In our view, foreign exchange balance sheet outflow is one of the better available metrics for assessing current demand and accumulation sentiment.

Over the past 30 days, nearly 80,000 bitcoins worth over $3 billion have exited exchanges, with the largest outflows coming from Coinbase. Previous major 30-day outflows at this level corresponded to a price rise, but we are now in a much more unique market structure.

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