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<p class="is-style-lead">On-chain data indicates that bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) have observed negative exchange net flows in the past week, contrasting the positive net flow witnessed with tether (USDT).&nbsp;</p>



<p>Amid this trend, the bitcoin supply last active in the past ten years has hit an all-time high value. These metrics suggest a notable decrease in selling pressure across the market and a looming accumulation pattern.</p>



<p>Glassnode, a renowned on-chain analytics resource, shared crucial insights into these trends in a series of tweets today, providing valuable information about investor sentiment and market dynamics.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">🚨 Weekly On-Chain Exchange Flow 🚨<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a><br>➡️  $6.5B in<br>⬅️  $6.9B out<br>📉 Net flow: -$397.9M<a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a><br>➡️  $2.7B in<br>⬅️  $3.8B out<br>📉 Net flow: -$1.1B<a href="https://twitter.com/hashtag/Tether?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Tether</a> (ERC20) <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a><br>➡️  $7.6B in<br>⬅️  $7.3B out<br>📈 Net flow: +$318.1M<a href="https://t.co/dk2HbGwhVw" target="_blank">https://t.co/dk2HbGwhVw</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1670660194550837249?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 19, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The data reveals that BTC saw a net outflow of $397.9 million during the past week. This indicates that more bitcoin left exchanges than entered them, reflecting a reduction in selling pressure. </p>



<p>A net outflow suggests that investors withdraw their BTC from exchanges, potentially moving their holdings into secure wallets for long-term storage. This trend may signify a growing confidence in bitcoin&#8217;s stability and long-term value.</p>



<p>Similarly, ethereum experienced a net outflow of around $1.1 billion in the past week, indicating a larger reduction in selling pressure than bitcoin. This suggests a more robust reduction in selling pressure.</p>




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<p>As with BTC, the massive outflow of ETH from exchanges might indicate an increasing inclination towards holding the asset for long-term purposes, such as staking or participating in decentralized finance (DeFi) projects.</p>



<p>However, contrasting the outflows of <a href="https://crypto.news/whale-moves-over-1-4k-btc-for-first-time-in-10-years-amid-crypto-downturn/">bitcoin</a> and <a href="https://crypto.news/on-chain-data-show-crypto-whales-accumulating-ethereum/">ethereum</a>, USDT demonstrated a net inflow of $318.1 million. This signals an increase in demand for USDT during the observed period. </p>



<p>An increase in stablecoin reserves on exchanges typically demonstrates a looming accumulation pattern. Notably, this metric suggests that investors&#8217; buying power has increased as market participants prepare to procure more risk assets such as BTC and ETH.</p>



<h2 class="wp-block-heading" id="btc-long-term-holders-unfazed-by-market-volatility">BTC long-term holders unfazed by market volatility</h2>



<p>In addition, Glassnode disclosed in a separate tweet that the amount of bitcoin supply last active in the past ten years recently hit an all-time high value of 2.85 million BTC. This represents 0.55% of the total BTC circulating supply.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Amount of Supply Last Active &gt; 10y just reached an ATH of 2,848,839.715 BTC<br><br>View metric:<a href="https://t.co/lBBwEqVviB" target="_blank">https://t.co/lBBwEqVviB</a> <a href="https://t.co/TuTxjyec0O" target="_blank">pic.twitter.com/TuTxjyec0O</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1670646509241606146?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 19, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The growing number of BTC held for a decade or more showcases the confidence of early adopters in bitcoin&#8217;s ability to store value over the long run. This recent all-time high comes despite recent market volatility.</p>



<p>Notably, BTC plummeted to a low of $24,800 on June 15, representing its lowest value in three months. The asset immediately recovered, closing the day above the $25,000 price territory. A subsequent 2.92% close on June 16 saw bitcoin reclaim the $26,000 zone.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="545" src="https://crypto.news/app/uploads/2023/06/BTC-price-June-19-1024x545.png" alt="BTC and ETH selling pressure declines as data suggests looming accumulation  - 1" class="wp-image-14170496"><figcaption class="wp-element-caption">BTC price &#8211; June 19 | Source: Trading View</figcaption></figure>



<p>Despite the shenanigans of the bears, BTC has managed to retain a value above $26,000, currently trading for $26,392. The asset has gained by 1.92% in the last seven days. Meanwhile, ETH is changing hands at $1,722, down 1.73% over the past week.</p>




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BTC and ETH selling pressure declines as data suggests looming accumulation

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