On-Chain Data: Bitcoin Whales Buy The Dip As BTC Drops To $39k
18 Abril 2022 - 02:00PM
NEWSBTC
On-chain data shows a sharp spike in the Bitcoin exchange outflows,
suggesting whales have been buying the dip to $39k. Bitcoin
Exchange Outflows Show High Value Suggesting Whale Activity As
pointed out by an analyst in a CryptoQuant post, the BTC exchange
outflows have registered a large spike recently. The “exchange
outflows” is an indicator that measures the total amount of Bitcoin
currently exiting wallets of all exchanges. When the value of this
indicator is high, it means investors are withdrawing a large
amount of coins at the moment. Especially large values can imply
whales have been buying. Such a trend, when sustained, may be
bullish for the price of the coin as investors usually transfer
their crypto out of exchanges for accumulation purposes. On the
other hand, low outflow values suggest there isn’t much buying
going in the market right now. This could either be neutral for the
price, or if selling is going on, then it may be bearish. Related
Reading | Bitcoin Miners Receive Third Break This Year, Over
100K Blocks To Go Until The Halving Now, here is a chart that shows
the trend in the BTC outflows over the past year: The indicator's
value seems to have observed a large spike recently | Source:
CryptoQuant As you can see in the above graph, the Bitcoin exchange
outflow has shown a big value recently as the price has fallen
below the $40k mark. This suggests that whales may have jumped at
the opportunity to accumulate more coins. During the three previous
instances in the last year when outflow values on a similar scale
were observed, the price of BTC observed an uplift not too long
after. Related Reading | Bitcoin Bear Market Comparison Says
It Is Almost Time For Bull Season It now remains to be seen whether
a similar bullish effect will be there this time as well, or if the
sellers will overwhelm the buyers and drive the price further down.
BTC Price At the time of writing, Bitcoin’s price floats around
$39.2k, down 5% in the last seven days. Over the past month, the
crypto has shed 4% in value. The below chart shows the trend in the
price of the coin over the last five days. Looks like the value of
the crypto has plunged down over the past twenty-four hours |
Source: BTCUSD on TradingView After holding above the $39k level
for more than a month, Bitcoin finally dropped below the mark in
the past day. This is a continuation of the decline that started
late last month after BTC topped out above $47k. Currently, it’s
unclear when the price may observe some recovery. But if the
outflows are anything to go by, then signs may be bullish for the
crypto. Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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