On-chain data shows the Bitcoin exchange outflows have spiked up recently, a sign that could prove to be bullish for the crypto’s price. Bitcoin Exchange Netflow Has Observed Deep Red Values In Recent Days As pointed out by an analyst in a CryptoQuant post, investors have withdrawn more than 60k BTC from exchanges recently. The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges. The metric’s value is simply calculated by taking the difference between the inflows and the outflows. When the value of this indicator is greater than zero, it means there are more inflows taking place in the market than outflows. Such a trend, when prolonged, can be bearish for the price of the crypto as it may be a sign of dumping from investors. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes On the other hand, negative values of the netflow suggest investors are taking out a net number of coins right now. This kind of trend can indicate buying pressure in the market, and hence could be bullish for BTC’s value. Now, here is a chart that shows the trend in the Bitcoin all exchanges netflow over the last month: The value of the metric seems to have been below zero in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin all exchanges netflow has ...
XRP Price Prediction For 24 November
