Data from on-chain analytics firm Glassnode shows that the total exchange outflows in bitcoin have reached a two-year record of 96.2k per month in a possible bullish signal.
The outflow level correlates to the formation of a price bottom, which caused the token to record notable gains in the last quarter of 2020.
The primary cryptocurrency has rebounded, making up for the losses in the first quarter with minimal volatility. The token moved on a bullish momentum between 22nd and 30th March.
Many bitcoin investors remain indecisive as they wait for the anticipated interest rate hikes, the EU regulations, and the global impact of the Russian aggression.
The developer of the S2F model, Plan B, says that bitcoin is undervalued by about 55%, owing to the nearing reward halving and market volatilities.
Bitcoin has dipped 0.96% in the past day, trading at $46,400 with $883 billion in market capitalization.