Bitcoin Bearish Signal: Exchange Netflows Spike Up
16 Luglio 2022 - 9:00PM
NEWSBTC
On-chain data shows the Bitcoin exchange netflow has observed a
sharp positive spike recently, a sign that could be bearish for the
crypto’s price. Bitcoin All Exchanges Netflow Spikes Up Following
9% Inflation Report As pointed out by an analyst in a CryptoQuant
post, exchanges have recently seen a large amount of BTC deposits.
The “all exchanges netflow” is an indicator that measures the net
amount of Bitcoin entering or exiting wallets of all centralized
exchanges as a whole. The metric’s value is calculated by simply
taking the difference between the inflows and the outflows. When
the value of the netflow is positive, it means a net number of
coins are moving into these wallets right now. As investors usually
deposit their coins to exchanges for selling purposes, this kind of
trend can prove to be bearish for the value of BTC. Related Reading
| Bitcoin Funding Rate Turns Highly Positive, Long Squeeze In
The Making? On the other hand, the value of the indicator being
negative suggests investors are withdrawing their coins at the
moment. Such a trend, when prolonged, can be a sign of accumulation
from holders, and hence can be bullish for the price of the crypto.
Now, here is a chart that shows the trend in the Bitcoin all
exchanges netflow over the past week: Looks like the value of the
metric has spiked up recently | Source: CryptoQuant As you can see
in the above graph, the Bitcoin exchange netflow has observed a
positive spike over the past 24 hours. There was another spike not
too long before this latest one, but that other spike was
neutralized by a similarly large negative value of the metric.
Related Reading | Market Update: MATIC, UNI And AAVE
Outperforms While Bitcoin Strugles To Hold Above $20k The quant in
the post notes that inflows on the crypto exchange Gemini (which is
popularly known to be used by whales) have contributed to this
positive netflow value. These deposits have come a couple of days
after the CPI report for the month came out and revealed that
inflation rose 9% in June. If the inflows are indeed from whales
looking to dump their coins, then the near term outlook can be
bearish for the price of Bitcoin. BTC Price At the time of writing,
Bitcoin’s price floats around $20.8k, down 4% in the last seven
days. Over the past month, the crypto has lost 7% in value. The
below chart shows the trend in the price of the coin over the last
five days. After the upwards move, the value of the crypto seems to
have been moving sideways over the last couple of days | Source:
BTCUSD on TradingView Featured image from anvesh baru on
Unsplash.com, charts from TradingView.com, CryptoQuant.com
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