Bitcoin exchange inflows sink to multiyear lows

Exchange flow metrics are used to assess investor sentiment and behavior. Inflows into exchanges usually denote token holders cashing out profits. Whereas outflows typically relate to holders moving tokens off exchanges for long-term storage. Both inflows and outflows have tapered off significantly from November 2021 market highs. Exchange inflow and outflow show the total amount of Bitcoin transferred to and from exchange wallets in USD. The chart below shows that over a 30-day moving average, inflows have exceeded outflows consistently since mid-2017.