Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon
The third quarter of 2022 was a rollercoaster for the price of bitcoin. BTC’s price had fluctuated wildly during this time and ended up hitting lower lows than expected. However, this has not changed investors’ convictions about the cryptocurrency. As the third quarter drew to a close, there had been a massive withdrawal spree from centralized exchanges, which led to more than $600 million in outflows. Bitcoin Outflows Grow The last day of September has proven to be an important trading day for bitcoin. Given that it was both the last day of the month and a Friday, meaning the close of the....
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The price of Bitcoin surged past $32,000 as buyers on Coinbase aggressively accumulated BTC. Coinbase has seen a large spike in buyer activity overnight as the price of Bitcoin (BTC) surpassed $32,500 on Jan. 2. Analysts say the trend was reminiscent of MicroStrategy’s Bitcoin accumulation, possibly fueled by institutional buy orders. As a result, BTC surpassed $31,000, reaching a new all-time high.BTC/USD daily candle chart (Coinbase). Source: TradingviewCoinbase buyers were the catalyst for the Bitcoin rallyIn the last 48 hours, Coinbase has continuously seen a high premium compared to....
Is a broader rally forming for Bitcoin as sidelined capital makes its way onto exchanges? Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode's data.Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in following BTC's price drop.Stablecoin deposits into exchanges. Source: GlassnodeIs a broader Bitcoin rally brewing?There are two major on-chain metrics that often signal a bigger Bitcoin rally is forming: BTC outflows and....
Bitcoin on-chain data shows that the BTC outflows have been gradually heading downwards recently, hinting that a crash could be coming soon. On-Chain Data Shows BTC Outflows Continue To Decrease As pointed out by an Analyst on Twitter, on-chain data reveals Bitcoin outflows have been gradually going down in the past month. The relevant metric here is the BTC netflows. This indicator shows the net amount of coins exiting or entering exchange wallets. Its value is calculated by taking the difference between the inflows and the outflows. When the netflow shows negative values, it means....
On-chain data shows massive Ethereum outflows of 60k ETH on spot exchanges. Such deeply negative netflows could be a bullish signal for the coin. Ethereum All Exchanges Netflow Shows Huge Negative Spike As pointed out by a CryptoQuant post, the Ethereum all exchanges netflow showed a negative spike yesterday as 60k ETH exited exchanges. The all exchanges netflow is an indicator that’s defined as the difference between the exchange inflows and the outflows. The “inflow” is the amount of Ethereum moving into exchanges from personal wallets. An increase in this value implies....
Bitcoin printed a massive weekly close on Sunday evening after a strong rally. The weekly close was the highest since January 2018. One analyst thinks that this close will send Bitcoin much higher in the months ahead. Bitcoin Expected to Rocket Higher on Close Above Resistance Bitcoin printed a massive weekly close on Sunday evening after a strong rally. The cryptocurrency printed its first weekly close above $13,000 and its highest weekly close since January […]