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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Bitcoin Breaks $51k Again As 20k BTC Flows Out Of Exchanges

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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As Bitcoin once again breaks past the $51k mark, on-chain data suggests more than 20k BTC exited exchanges before this price move.

Bitcoin Netflows Say Around 20k BTC Flowed Out Of All Exchanges Yesterday

As pointed out by a CryptoQuant post, netflows amounted to 20k BTC exiting exchanges yesterday, the largest spike since September.

The “all exchanges netflow” is an on-chain indicator that measures the net amount of Bitcoin going into or out of wallets of all exchanges. The metric’s value is calculated by simply taking the difference between the inflows and the outflows.

When the indicator assumes positive values, it means the inflows are currently overwhelming the outflows, and a net amount of coins is entering exchange wallets. Investors usually send their crypto to exchanges for withdrawing to fiat or for purchasing altcoins. So, if such netflows persist, the outcome could be bearish for the price of BTC.

On the other hand, negative netflows appear when more Bitcoin is entering exchanges than the amount going out. Prolonged downward spikes of the indicator can be bullish for the crypto as they may mean holders are in a state of accumulation.

Related Reading | Growth Of Bitcoin ETFs & Other Instruments Doesn’t Support Supply Shock Narrative

Now, here is a chart that shows the trend in the BTC netflows over the past year:

Bitcoin Netflows

Looks like the indicator has showed negative values recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin netflow had a huge negative spike yesterday, measuring more than 20k BTC.

This value of the netflow has been the highest negative one since the month of September. Shortly following this spike, BTC’s price showed strong momentum up, and the coin broke past $51k once again,

Related Reading | Quant Explains How Large Bitcoin Leverage Ratio Can Help Turnaround Price

Interestingly, December has so far had the most amount of BTC moving out of exchanges compared to the rest of the year.

This trend may show that whales are currently accumulating as they are withdrawing big amounts of coins to personal wallets. This could be bullish for the price of Bitcoin in the long term.

BTC Price

At the time of writing, Bitcoin’s price floats around $51k, up 8% in the last seven days. Over the past month, the crypto has lost 11% in value.

Below is a chart that shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price has shown sharp movement up in the past couple of days | Source: BTCUSD on TradingView

Bitcoin seems to have finally broken out of the long phase of consolidation as the crypto has now surpassed the $51k price mark once again.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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