Friday saw the sixth biggest outflow of Bitcoin from exchanges YTD

Quick Take

• May 5 saw the sixth biggest outflow of Bitcoin from exchanges since the start of the year.
• Roughly $240 million worth of Bitcoin was driven primarily by large whales, denoted by the red and orange colors.
• This is supported by the accumulation trend score by cohort, which denotes that whales that hold over 10,000 Bitcoin or more continue accumulating and have been for over a month.
• While all other cohorts are still in a state of distribution.

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