At first glance, with the amount of “top signals” surfacing in the industry right now (i.e., record amount of ICOs and token launches, Paris Hilton’s new Twitter profile photo, your 60-year-old uncle buying Bitcoin), it is both easy and tempting to think that Bitcoin has topped out in this macro bull cycle. Delphi continues to hold firm to our 2021 Bitcoin Outlook report published in December 2020, which suggests we are in the midst of a long-term uptrend. In this post, we would like to present a few key on-chain metrics that support our outlook.
Source: Glassnode
Even at record highs, we have noticed constant large volume withdrawals happening throughout the year. According to Glassnode’s latest data, the exchange net flow on April 6th was -45,751 BTCs. This is one of the most significant negative net flow figures in history.
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