Bitcoin sets new ATH above $104,000, but investors don't want to sell

Bitcoin has set a new all-time high (ATH) surpassing $104,000 in the past day, but on-chain data suggests investors are still unwilling to sell. Netflow Bitcoin trading platform still in the negative during the latest price increase According to an analyst's explanation in the CryptoQuant Quicktake post, Bitcoin has continued to leave exchanges recently. The relevant on-chain indicator here is 'Exchange Netflow', as its name suggests, tracks the net amount of BTC flowing into or out of wallets associated with centralized platforms. When the value of this data is positive, it means that investors are net depositing money into exchanges. One of the main reasons why holders use these platforms is for selling purposes, so this trend could have a negative impact on BTC. On the other hand, a negative indicator implies that there is a higher amount of money outflows than there is an inflow. Such a trend can be a sign that investors want to hold their money for the long term, which is naturally bullish for asset prices. Here is a chart showing the trend of Bitcoin Exchange Netflow over the past few years:

As shown in the chart above, the Bitcoin Netflow exchange has recorded significant negative spikes in withdrawals in recent months, indicating that there have been some large-scale cashouts. This net withdrawal occurred despite the cryptocurrency experiencing a strong surge to a new ATH. The chart indicates that this did not happen during the price increase in the first quarter of this year. Sure, there was cash outflows at the time, but there were also spikes in cash inflows, implying that there was a need to sell assets. Recent negative Netflow exchange flows continue to persist for Bitcoin in the latest price surge above $100,000, a sign that investors are still reluctant to sell their BTC even at such high levels. If this trend continues, there is a possibility that this price increase still has a lot of room to run. However, it is still unknown how long the holders can remain silent. In general, the higher the profits of investors, the higher the likelihood of them participating in a mass sell-off. Therefore, with Bitcoin continuing to perform well, it may only be a matter of time before a large profit-taking occurs. BTC price Bitcoin has finally broken out of its recent consolidation phase with a more than 7% increase in the past 24 hours. The asset has surpassed the $104,000 mark in this price surge, but its price has since slightly dropped to $103,500.