Bitcoin Whale Exchange Inflows Still At Highest Ever Level, Will Recovery To $22k Be Lost?
19 Luglio 2022 - 09:00PM
NEWSBTC
On-chain data shows Bitcoin whale inflows to exchanges have
remained at highest ever levels recently, suggesting that the
latest recovery above $22k may not last too long. Bitcoin Top 10
Exchange Inflows Have Been Elevated In Recent Days As pointed out
by an analyst in a CryptoQuant post, the current whale deposits to
exchanges are at their highest value in the history of the crypto.
The “all exchanges inflow” is an indicator that measures the total
amount of Bitcoin currently entering into wallets of all
centralized exchanges. The sum of the top ten inflows,
specifically, represents the total number of coins being deposited
by BTC whales. When the value of this metric is high, it means
whales are currently depositing a large amount of Bitcoin right
now. Since investors usually transfer to exchanges for selling
purposes, such a trend could point at dumping from whales, and
hence can be bearish for the value of the coin. On the other hand,
a low value of the metric implies whales are depositing a healthy
amount to exchanges at the moment. This kind of trend can be either
bullish or neutral for BTC, depending on whether buying is also
going on in the market currently. Related Reading | Bitcoin
Breaks Above Realized Price Again, Bottom Finally In? Now, here is
a chart that shows the trend in the BTC top 10 inflows (21-day
moving average) over the last few years: Looks like the value of
the indicator has observed rise in the last few weeks | Source:
CryptoQuant As you can see in the above graph, the 21-day MA
Bitcoin top ten inflow has been at all-time high values recently.
This suggests that whales are currently depositing to exchanges at
a rate never seen before in the history of the crypto. If these
whales are planning to sell their coins, then the outcome could be
bearish for BTC, which would mean the latest rally to $22k may not
last for long. Related Reading | Sleeping Giant Awakens,
Bitcoin Sees Spike In Transactions Valued Above $1 Million The
quant has also displayed the data for the BTC volume in the same
chart. It seems like the volume of the coin hasn’t been too high
recently. This could imply that the latest rally may be driven by a
few whales and not organic activity, further suggesting the
increase might be short lived. BTC Price At the time of writing,
Bitcoin’s price floats around $22k, up 11% in the past week. The
below chart shows the trend in the value of the crypto over the
last five days. The price of the coin seems to have surged up over
the last few days | Source: BTCUSD on TradingView Featured image
from Rémi Boudousquié on Unsplash.com, charts from TradingView.com,
CryptoQuant.com
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