On-chain data observe some interesting development as exchange net position flipped red. The 7-day net inflow reached a 20-month low, indicating that coins are moving off exchanges into wallets and private storage.
The price of Bitcoin settled well above the $35k level, yet failed to extend its gains beyond $38,500 — not for a lack of trying. Bullish signals are likely to remain active as whales and long-term holders have been buying the dip and stacking for the past week.
Despite last night’s pump that propelled the price of Bitcoin back to $36k, perpetual swap funding rates across major exchanges have dived deeper into the negative territory, indicating that bears are doubling down on short positions.
Nayib Bukele, El Salvador’s controversial president and the latest member of the Twitter Laser Eye club, announced his intention to submit a legislative proposal to grant Bitcoin the status of legal tender in his home country during the Bitcoin 2021 conference held in Miami.