Bitcoin (BTC<\/a>) investors are voting with their wallets as one-day outflows from major exchanges near 30,000 BTC.\u00a0<\/p>\n Data from on-chain analytics firm CryptoQuant shows<\/a> that on Jan. 11, 29,371 BTC left exchange order books \u2014 the most since Sep. 10.<\/p>\n The four-month high in outflows corresponds to short-term optimism returning on Tuesday as BTC\/USD bounced and maintained levels above $42,000.<\/p>\n The pair subsequently went on to hit local highs of $43,150 before consolidating, this nonetheless a different turn of events to the widely predicted cascade toward $30,000.<\/p>\n While such an outcome remains a topic of debate, buyers seem comfortable entering the market above $40,000.<\/p>\n For context, even the bounce that sparked the run to all-time highs at the end of September failed to produce as much buyer uptake as Tuesday.<\/p>\n \u201cVolumes are thin. That means the market can have huge moves up or down easily,\u201d Samson Mow, CEO of Blockstream, commented<\/a> on the status quo:<\/p>\n \u201cGiven that we had a big move down already, and everyone is buying like no tomorrow, I\u2019d say the next move is up.\u201d<\/p><\/blockquote>\n CryptoQuant tracks a total of 21 exchanges for its order book data. Last week, separate data focused on what one analyst described<\/a> as a \u201ccrazy\u201d imbalance between bids and asks, indicating that bears were finally beginning to tire of selling.<\/p>\n Spot buyers were previously the main cohort missing from interest in BTC at current price levels.<\/p>\n Related:\u00a0Bitcoin returns to $42K as bets start favoring \u2018short squeeze\u2019 higher for BTC<\/a><\/em><\/strong><\/p>\n As Cointelegraph reported<\/a>, miners continue to add to their reserves at an increasing pace this year, with long-term holders steadfast in their resolve not to sell.<\/p>\n Highlighting a bullish trend in the Bitcoin taker buy\/sell ratio, CryptoQuant contributor IT Tech revealed a similar situation unfolding on derivatives markets.<\/p>\n The metric refers to the ratio of buy and sell volumes from takers on derivatives platforms. A value below 1 implies bearish sentiment, and while that is currently the case, the direction is up.<\/p>\n \u201cIf will cross 1 then we should have Bullish sentiment again and it chance to price trend reversal,\u201d IT Tech summarized<\/a> in one of CryptoQuant\u2019s \u201cQuicktake\u201d posts Wednesday. <\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/d7f283f0-9289-4a85-8a34-cc01764cb3db.png\")
Buyers get bolder<\/h2>\n
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