Bitcoin Falls Below $30k As 10k BTC Flow Into Gemini
02 Juin 2022 - 9:00PM
NEWSBTC
On-chain data shows crypto exchange Gemini observed around 10k BTC
in inflows yesterday as Bitcoin’s price declined below $30k.
Bitcoin Exchange Inflows Spike Up As BTC Price Falls Down As
pointed out by an analyst in a CryptoQuant post, selling on
exchanges like Gemini, Binance, and Huobi looks to have been behind
the latest drop in the crypto’s price. The “exchange inflow” is an
indicator that measures the total amount of Bitcoin moving into
wallets of all exchanges. When the value of this metric surges up,
it means exchanges are receiving a high amount of coins at the
moment. Such a trend can be bearish for the value of the coin as
investors usually deposit their crypto to exchanges for selling
purposes. Related Reading | Bitcoin Observes Longest Stretch
Of Extreme Fear Since April 2020 On the other hand, low values of
the inflow can suggest that a healthy amount of selling may be
going on in the market. Depending on the value of the outflows (the
opposite indicator), this kind of trend can prove to be either
neutral or bullish for the price of BTC. Now, here is a chart that
shows the trend in the Bitcoin exchange inflows over the past
couple of weeks: It seems like Gemini saw the heaviest amount of
inflows yesterday | Source: CryptoQuant As you can see in the above
graph, the Bitcoin exchange inflow spiked up to high values
yesterday as the price of the crypto slipped down below $30k. In
the chart, the quant has also included data for the individual
contributions from crypto exchanges Binance, Huobi, and Gemini, to
the total inflows. Related Reading | Bitcoin LTHs Realized
Significant Losses Recently, Final Capitulation Here? It looks both
Binance and Huobi saw around 1k to 1.2k BTC in inflows yesterday,
while Gemini observed a huge spike of more than 10k BTC. This would
suggest that out of all the exchanges, Gemini saw the heaviest
Bitcoin selling over the past twenty-four hours. BTC Price At the
time of writing, Bitcoin’s price floats around $29.7k, up 5% in the
last seven days. Over the past month, the crypto has lost 23% in
value. The below chart shows the trend in the price of the coin
over the last five days. Looks the value of the crypto has plunged
down over the last twenty-four hours | Source: BTCUSD on
TradingView Bitcoin looked to be gaining some footing over the $31k
mark over the last few days for the first time in almost a month,
but yesterday the price once again tumbled down. At the moment,
it’s unclear whether the selloff is over, or if the crypto will
experience further decline in the near term. Featured image from
Unsplash.com, charts from TradingView.com, CryptoQuant.com
Quant (COIN:QNTUSD)
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Quant (COIN:QNTUSD)
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