Data: Bitcoin Top 10 Whale Inflows Form Historic Bear Signal
28 Marzo 2022 - 1:00PM
NEWSBTC
On-chain data shows the top 10 Bitcoin whale inflows are forming a
historic bear signal right now, something that could spell trouble
for the new rally. Bitcoin Top 10 Exchange Inflows (Whales) Form A
Peak Recently As pointed out by an analyst in a CryptoQuant post,
the BTC top ten exchange inflows have showed a bearish formation
recently. The “all exchanges inflow” is an indicator that measures
the total amount of Bitcoin entering wallets of all exchanges
during a specific period. Investors usually deposit their BTC to
exchanges for selling purposes. Therefore, any spikes in the metric
can be bearish for the price of the crypto. A modification of this
indicator is the “top 10 exchange inflow,” which measures the sum
of the ten largest transactions going to centralized exchanges. As
these transfers usually belong to whales, high values of the metric
may be a sign of dumping from these massive Bitcoin holders. On the
other hand, low top ten inflow values may suggest that whales are
selling a normal amount of coins at the moment. Related Reading
| Ethereum Will Continue To Outperform Bitcoin, Here’s The
Indicator That Says So Now, here is a chart that shows the trend in
the Bitcoin top ten inflows over the past few years: Looks like the
value of the indicator is forming a peak | Source: CryptoQuant In
the above chart, the quant has marked the important regions of
trend for the top ten Bitcoin exchange inflows during this period.
It seems like whenever the indicator has formed a peak, the price
of Bitcoin has always taken a hit soon after the trend. Related
Reading | Malice Or Ignorance? The New York Times Keeps
Printing Lies About Bitcoin Mining Now, the top ten whale inflows
seem to be forming a similar peak again. If the pattern holds true,
then this could be a bearish signal for the price of the coin.
However, it’s also worth noting that the metric hasn’t yet formed a
full turn yet, so it could still continue to go up or move sideways
and the signal won’t go off. BTC Price Yesterday, Bitcoin’s price
finally gained some strong momentum and broke past the $45k
barrier. Now, the price is above $47k, a level that the coin hasn’t
visited since the very start of the year. At the time of writing,
the coin is trading around $47.2k, up 15% in the last seven
days. Over the past month, the crypto has gained 25% in value. The
below chart shows the trend in the price of BTC over the last five
days. The price of BTC seems to have shown some sharp uptrend over
the past day | Source: BTCUSD on TradingView Featured image from
Unsplash.com, charts from TradingView.com, CryptoQuant.com
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