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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Bearish Signal: Binance Observes Massive Inflow Of 10k BTC

Hououin Kyouma by Hououin Kyouma
2 years ago
in Bitcoin
Reading Time: 3 mins read

Bitcoin on-chain data shows the crypto exchange Binance  observed large inflows amounting to almost 10k BTC yesterday.

Bitcoin Netflow Shows A Huge Positive Spike As 10k BTC Enters Binance

As pointed out by an analyst in a CryptoQuant post, the BTC netflow had a big positive spike yesterday, a sign that’s usually bearish for the price.

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

When the indicator has positive values, it means there are currently more inflows happening than outflows. Such a trend is often bearish as investors usually deposit their Bitcoin for selling purposes.

On the other hand, when the value of the metric is negative, it implies outflows are overwhelming inflows as a net amount of BTC is exiting exchanges. This kind of trend can be bullish for the price of the crypto as holders generally withdraw their coins to hold them.

Related Reading | Bitcoin Leverage: Lack Of Liquidations Could Indicate Another Wave Of Selling

Now, here is a chart that shows the trend in the Bitcoin netflow over the last couple of months:

Bitcoin Netflows Binance

Looks like the value of the metric showed a huge positive spike recently | Source: CryptoQuant

As you can see in the above graph, yesterday the Bitcoin netflow showed that almost 10k BTC entered exchanges yesterday within an hour.

A look at the chain data reveals these inflows were to Binance. Interestingly, just a few hours later, the crypto exchange Gemini observed an outflow of about 10k BTC, cancelling out these inflows and making the netflow neutral again.

Bitcoin Netflow Gemini

The negative spike makes up for the positive one from a few hours earlier | Source: CryptoQuant

As mentioned earlier, inflows are usually bearish for the price of Bitcoin. However, since outflows of the same amount occurred just a couple of hours later, the netflows effectively became neutral.

Related Reading | Anthony Scaramucci Urges Bitcoin Holders To Think Long-Term As Downtrend Won’t Last

Now, outflows can be bullish for the price if they occurred for the purpose of accumulation. But that doesn’t necessarily have to be the case. If the investors who were behind the withdrawal intend to sell them through OTC deals, the effect on the price may be bearish instead.

BTC Price

At the time of writing, Bitcoin’s price floats around $36.8k, down 12% in the last seven days. The below chart shows the trend in the value of the coin over the last five days.

Bitcoin Price Chart

BTC's price has retraced a lot of the recovery that it made over the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradignView.com, CryptoQuant.com
Tags: Binancebitcoinbitcoin inflowsbtcbtcusdGemini
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Hououin Kyouma

Hououin Kyouma

Kyouma is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Kyouma has been writing for many years, first as a hobbyist and later as a freelancer. He obtained a bachelor's in physics in 2022 and is planning on starting a master's in the same field in the near future. Kyouma is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football. You can find Kyouma on Twitter at @Kyouma29.

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