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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Despite Dip To $44K, On-chain Data Suggests Bitcoin Still Bullish

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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On-chain data shows Bitcoin netflows are still deeply negative, a sign that means BTC remains bullish. This is despite the dip to $44k.

Exchanges Observe Deeply Negative Bitcoin Netflow

As per a CryptoQuant post, the Bitcoin netflow indicator has been deeply negative recently, suggesting that signs are still overall bullish for the market.

Related to the netflow are two other indicators, the outflow and the inflow. The first one is defined as the total amount of BTC flowing out of exchanges towards personal wallets.

Related Reading | Hot Bitcoin Summer. But Why Altcoins Are On The Rebound

When the value of this metric goes up, it means more investors are interested in hodling or selling through OTC deals.

The inflow indicator is just the opposite; it is the amount of Bitcoin moving from personal wallets to centralized exchanges. When the value goes up, it implies more investors want to sell their coins or exchange for altcoins.

The netflow is calculated by subtracting the inflow from the outflow. When this indicator has a negative value, it indicates there are more outflows happening than the inflows. Such a situation could signify there is a buying pressure in the market.

Related Reading | Will Ethereum Reach Its All-Time-High Before Bitcoin?

On the other hand, a positive value happens when inflows are overwhelming the outflows. Thus, a positive value could mean there is a buying pressure in the market.

Now, here is how the chart for all exchanges BTC netflow looks like after taking a 30-day moving average to smooth out the curve:

The BTC netflow shows negative values | Source: CryptoQuant

Looking at the above graph, it seems like Bitcoin has started to catch a negative netflow trend with the values getting deeper more recently.

Also, the chart shows some interesting correlations with the price of the coin over the past year. Before the bull run started, netflows were very negative. And when the crash happened, the curve became highly positive.

Considering the above trends, it could possibly mean that decently negative values like right now could be bullish for the price.

Bitcoin Price

At the time of writing, BTC’s price floats around $45.5k, up 3% in the last 7 days. Over the past month, the cryptocurrency has amassed 53% in gains.

Below is a chart that shows the trends in the price of Bitcoin over the past three months:

Bitcoin Price Chart

BTC's price zig-zags its way downwards | Source: BTCUSD on TradingView

After stagnating around the $47k price mark, Bitcoin’s value seems to be going down. Right now it’s unclear how long this trend might last. If the netflows are anything to go by, signs still seem to be bullish for the cryptocurrency.

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

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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