Bitcoin Inflows Trend Up As Whales Continue Dumping
09 Décembre 2021 - 08:00PM
NEWSBTC
On-chain data shows Bitcoin inflows are trending up, a sign that
whales might be increasing their dumping. This could prove to be
bearish for the coin. Bitcoin Inflows Move Up As Whales Continue To
Sell As pointed out by a CryptoQuant post, on-chain data highlights
that BTC inflows to exchanges have been going up. The “all
exchanges inflow” is an indicator that shows the amount of Bitcoin
that holders are depositing to exchanges on a given day. When the
value of this metric moves up, it means more investors are sending
their coins to exchanges. Holders usually deposit their BTC for
withdrawing to fiat or for purchasing altcoins. So, this could be a
sign of dumping, and may be bearish for the price. On the other
hand, when the inflows decrease in value, it implies not many
investors are depositing their Bitcoin to exchanges. Such a trend
may mean that holders aren’t interested in selling at the moment.
Now, here is a chart that shows the trend in the value of the BTC
inflows over the past few months: Looks like the indicator's value
has been trending up recently | Source: CryptoQuant As the above
graph highlights, BTC inflows have been on the rise lately. Before
the crash in early December, the total inflows showed a sharp
spike. Related Reading | Weekend Volatility Awakens Bitcoin
Buyers, Active Addresses Following the crash, the indictor calmed
briefly before observing big spikes again. This may show that
selling in the market might still be continuing. The above chart
also has curves for two other indicators, the top ten whale inflows
and the total inflow seven days mean. The latter, as its name
already suggests, is just the seven days mean value of the normal
metric. While the former is a metric that shows how the top ten
whale inflows contribute to the total inflows. Examining the graph,
it seems like this indicator also had a spike recently, showing
that whales might be increasing their dumping. Related Reading
| Bitcoin Hovers Below $50k After Weekend Wipeout – Crypto
Roundup, Dec 6, 2021 Such a trend has usually been bearish for the
price of the cryptocurrency. However, it hasn’t always been the
case. But given the recent market environment, signs may not be in
BTC’s favor. BTC Price At the time of writing, Bitcoin’s price
floats around $49.1k, down 13% in the last seven days. Over the
past month, the crypto has lost 27% in gains. The below chart shows
the trend in the price of BTC over the last five days. BTC's price
looks to be moving sideways again | Source: BTCUSD on TradingView
Since the crash, Bitcoin has mostly been in consolidation.
Currently, it’s unclear when the coin might show some recovery.
Featured image from Unsplash.com, charts from TradingView.com,
CryptoQuant.com
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024