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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Bitcoin Bullish Signal: Exchange Outflows Spike Up

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 10:33 am
3 mins read
Bitcoin Bull

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On-chain data shows the Bitcoin exchange outflows have spiked up recently, a sign that could prove to be bullish for the crypto’s price.

Bitcoin Exchange Netflow Has Observed Deep Red Values In Recent Days

As pointed out by an analyst in a CryptoQuant post, investors have withdrawn more than 60k BTC from exchanges recently.

The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges. The metric’s value is simply calculated by taking the difference between the inflows and the outflows.

When the value of this indicator is greater than zero, it means there are more inflows taking place in the market than outflows. Such a trend, when prolonged, can be bearish for the price of the crypto as it may be a sign of dumping from investors.

Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes

On the other hand, negative values of the netflow suggest investors are taking out a net number of coins right now. This kind of trend can indicate buying pressure in the market, and hence could be bullish for BTC’s value.

Now, here is a chart that shows the trend in the Bitcoin all exchanges netflow over the last month:

Bitcoin Exchange Netflow

The value of the metric seems to have been below zero in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin all exchanges netflow has observed some negative spikes during the last three days.

These downward surges in the indicator’s value have amounted to more than 61k BTC leaving exchange wallets, the largest stack of withdrawals in months.

Related Reading: Secure Your Crypto Portfolio Today: Oryen (ORY), Bitcoin (BTC), and Ethereum Classic (ETC)

The crypto’s price has been struggling hard for many months now, so this kind of fresh demand could be constructive for the coin, and help it turn things around, at least temporarily.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 5% in value.

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

Bitcoin Price Chart

Looks like the value of the crypto has been mostly trending sideways during the last few days | Source: BTCUSD on TradingView

Bitcoin hasn’t seen much price activity at all recently as the value of the crypto has been painting a flat curve. One exception was the surge to $20k a couple of days back, but it wasn’t long before the spike died down and BTC returned to its trend of consolidation.

Featured image from Dylan Leagh on 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
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