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.
Accumulation trend score by cohort: (Source: Glassnode)Net Volume: (Source: Glassnode)