TechFlow reported on February 17 that CryptoQuant analyst Darkfost analyzed data showing that although Bitcoin's price fluctuates between $90,000 and $105,000, the 30-day moving average (30DMA) indicates a continuous net outflow from exchanges, suggesting that accumulation trends are still ongoing.
The research points out that when the exchange inflow/outflow ratio falls below 1, it means net outflows exceed inflows—a bullish signal recognized by professional investors. Historical data shows that when this ratio enters the "high demand zone," Bitcoin often experiences short-term price increases.
The analyst also cautioned that some of the outflows may stem from routine asset transfers from centralized exchanges to custodial wallets such as ETFs, institutional investors, and over-the-counter trading platforms.
