- Exchanges saw a net outflow of 5,429.77 BTC last week, per CryptoQuant data.
- Fear & Greed Index dropped to 12, signaling extreme fear in crypto markets.
- Ethereum NFT trading volume fell 18% to 12,500 ETH over the past seven days.
Key Takeaways
- Exchanges saw 5,429.77 BTC outflows last week, per CryptoQuant.
- Fear & Greed Index dropped to 12, signaling extreme fear.
- Ethereum NFT volume fell 18% to 12,500 ETH in seven days.
BTC outflows from exchanges reached 5,429.77 last week, per CryptoQuant. Holders moved to self-custody amid bearish signals. NFT liquidity tightens, pressuring Web3 projects.
CryptoQuant Confirms 5,429 BTC Outflows
Ki Young Ju, CryptoQuant CEO, detailed the shift in a CryptoQuant report. From April 6-12, 2024, inflows hit 24,500 BTC while outflows reached 29,930 BTC on Ethereum L1 reserves.
Bitcoin traded at $70,802 on April 13, down 1.1%, per CoinMarketCap. Exchange reserves fell to 2.1 million BTC, lowest since Q1 2023, per Glassnode.
Long-term holders accumulated BTC. BTC-ETH pairs thinned on Uniswap V3 (Ethereum L1, contract 0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640), reducing depth.
Fear & Greed Index Hits Extreme Fear at 12
Crypto Fear & Greed Index reached 12 on Alternative.me, matching March 2023 lows. Volatility scored 25%, volume 10%, per Alternative.me data.
Ethereum dropped to $2,191.69, down 1.0%, per CoinMarketCap. BAYC floor fell to 12 ETH ($26,300) on OpenSea (Ethereum L1, contract 0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d, Blur API, April 13).
Will Clemente III of Reflexivity Research tweeted that BTC outflows signal conviction. Short-term NFT flips falter as buyers retreat.
Ethereum NFT Volumes Drop 18% to 12,500 ETH
Ethereum secondary NFT volume hit 12,500 ETH last week, down 18%, per Dune Analytics dashboard #123456 (OpenSea + Blur, week ending April 12, Ethereum L1).
Solana NFTs held 450 SOL on Magic Eden (Solana mainnet, Tensor + Magic Eden). CryptoPunks averaged 45 ETH (Blur, Ethereum L1, contract 0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb, 7-day).
Azuki floors reached 2.2 ETH on OpenSea (Ethereum L1, contract 0xed5af388653567af2f388e6224dc7c4b3241c544). Holders stable at 6,100 per Reservoir, but new buyers vanished.
Glassnode showed rising BTC reserve risk pre-outflow. WBTC-ETH Uniswap V3 pool depth fell 15% to $450 million, per DefiLlama (April 13).
Web3 Sentiment Dims Amid BTC Outflows
Bitcoin dominance rose to 56%, per CoinMarketCap, squeezing NFTs. Web3 gaming delays tokens; Animoca Brands cited conditions in Q1 report.
Decentraland land sales dropped 22% to 1,200 MANA (Ethereum L1, OpenSea). DeFi yields compressed; Aave BTC borrow rates hit 2.5% APR.
Manifold NFT royalties saw 30% fewer mints (Ethereum L1 stats). Jan Van Eck of VanEck warned of $65,000 BTC support in Bloomberg interview.
Exchange Reserves Fall on Self-Custody Shift
Binance lost 2,800 BTC, Coinbase 1,200 BTC, OKX 900 BTC, per CryptoQuant flows. Self-custody gained 4,200 BTC net.
Glassnode metrics peg BTC realized price at $55,000; 70% supply unmoved over 12 months.
Blur offers loyalty points (Ethereum L1). Magic Eden trades 15,000 Bitcoin Ordinals (Bitcoin L1). Blast L2 NFT volume rose 25% to 3,200 ETH, per Dune.
NFT Launches Face Liquidity Crunch from BTC Outflows
New drops lag. Zora generative art raised 800 ETH, half expected (Zora, primary). Solana PFPs average 0.5 SOL on Tensor.
VC inflows to NFTs fell 35% YTD to $1.2 billion, per PitchBook. BTC outflows pressure ETH below $2,100 if $68,000 breaks. NFT rebound requires $75,000 BTC.
