Bitcoin Bearish Signal: Exchange Inflows Hit $1.2 Billion In Past Month
15 Noviembre 2023 - 1:00PM
NEWSBTC
On-chain data shows exchanges have registered Bitcoin deposits of
about $1.2 billion in the past month. Bitcoin Exchange Supply Has
Seen A Significant Increase In The Past Month As explained by
analyst Ali in a new post on X, exchanges have seen hefty inflows
recently. The relevant indicator here is the “balance on
exchanges,” which keeps track of the total amount of Bitcoin in the
wallets of all centralized exchanges. When this metric’s value
rises, these platforms are receiving a net amount of deposits right
now. Generally, one of the main reasons investors would choose to
transfer their coins to exchanges from their self-custodial wallets
is for selling purposes, so a high amount of inflows can be a sign
that a selloff may be taking place in the market. Related Reading:
Ethereum Could Decline To $1,700 Based On This Pattern, Analyst
Explains On the other hand, the indicator’s value going down
suggests the holders are withdrawing their coins currently. The
investors usually transfer their BTC to self-custodial wallets to
hold onto them for extended periods. This kind of behavior, when
sustained, could prove to be bullish for the price in the long
term. Now, here is a chart that shows the trend in the Bitcoin
balance on exchanges over the past couple of months: The value of
the metric seems to have been going up in recent weeks | Source:
@ali_charts on X As displayed in the above graph, the Bitcoin
balance on exchanges has been rising during the past month,
suggesting that a net amount of supply has been constantly flowing
into these platforms. This latest uptrend in the indicator started
around when BTC’s recent upward push began, a potential sign that
the deposits were being made to take advantage of the profitable
exit opportunity. The metric’s rise had been slow at first, but
after Bitcoin’s latest adventure above $37,000, the exchanges have
seen a sharp growth in their supply. This elevated selling pressure
could be why the asset has slowed down in the last few days. The
exchanges have received inflows of about 34,000 BTC in the past
month, equivalent to about $1.2 billion at the current exchange
rate. While this is significant selling pressure in the short-term,
this amount is still not much in the grand scheme of things, as the
total balance on exchanges is of the scale of more than 2.5 million
BTC right now. Related Reading: Chainlink Declines 6%: Rally Over
Or Is There More To Go? The recent increased selling pressure in
the market is also visible in the form of the number of addresses
owned by the whales (entities holding at least 1,000 BTC), as the
chart shared by the same analyst shows. Looks like the value of the
metric has plunged recently | Source: @ali_charts on X The number
of addresses under this cohort has seen a notable decline recently,
implying that these humongous investors have been selling off their
coins and exiting the sector. BTC Price Bitcoin has registered some
decline during the past few days as its price is now floating
around the $36,000 level. BTC has observed a drop recently |
Source: BTCUSD on TradingView Featured image from Unsplash.com,
charts from TradingView.com, Glassnode.com
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