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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Falls Below $30k As 10k BTC Flow Into Gemini

Keshav Verma
Keshav Verma
2 years ago
3 mins read

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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:

Bitcoin Exchange Inflows

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.

Bitcoin Price Chart

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
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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.

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

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