Bitcoin Spot To Derivatives Flow Forms Historical Bullish Pattern
10 Juin 2022 - 9:00PM
NEWSBTC
On-chain data shows the Bitcoin flow from spot exchanges to
derivatives exchanges is currently painting a trend that has
historically been bullish for the crypto’s price. Bitcoin Spot To
Derivatives Exchanges Flow Starts Sharp Decline As pointed out by
an analyst in a CryptoQuant post, the BTC spot to derivatives flow
may be hinting at a bullish outcome for the crypto. The “spot
exchanges to derivatives exchanges flow” is an indicator that
measures the total amount of Bitcoin moving from spot wallets to
derivatives wallets. When the value of this metric rises, it means
a higher number of coins are now being transferred to derivatives
exchanges from spot as investors look to open futures positions. In
the past, the indicator’s value has usually moved faster whenever
the price of the crypto has observed a large decrease. Now, here is
a chart that shows the trend in the Bitcoin spot exchanges to
derivatives exchanges flow over the last few years: The value of
the metric seems to have been observing a sharp decrease in recent
weeks | Source: CryptoQuant As you can see in the above graph, the
quant has marked the relevant portions of trend of the Bitcoin spot
to derivatives flow. It looks like whenever the indicator has
observed a sharp increase to high values followed by a plunge, the
value of the crypto has started climbing up. Related Reading
| When Greed? Bitcoin Market Crushed Under One Full Month Of
Fear During 2018, 2020, and 2021, this pattern formed shortly after
the coin’s price had a sharp decrease and hit a bottom. This trend
may show that as Bitcoin approaches a bottom, whales start sending
large amounts of the crypto to derivatives exchanges for opening
long positions, hence creating a large spike on the chart. Just
recently, the spot to derivatives flow’s value sharply rose up, and
now it seems to be plunging back downwards. Related Reading
| Bitcoin Bullish Signal: Exchange Reserves Hit New 4-Year
Lows This could mean that the metric has once again started to form
the same pattern, and if history is anything to go by, this can
prove to be bullish for the crypto’s price, at least in the short
term. BTC Price At the time of writing, Bitcoin’s price floats
around $29.5k, up 1% in the last seven days. Over the past month,
the crypto has lost 2% in value. The below chart shows the trend in
the price of the coin over the last five days. Looks like the value
of the crypto has been going down over the last few days | Source:
BTCUSD on TradingView Bitcoin seemed to be gaining some footing
over the $30k level recently, but today the coin has once again
slumped back below the mark. Featured image from Unsplash.com,
charts from TradingView.com, CryptoQuant.com
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024