{"id":549308,"date":"2023-08-29T19:00:54","date_gmt":"2023-08-29T19:00:54","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=549308"},"modified":"2024-06-11T07:24:13","modified_gmt":"2024-06-11T07:24:13","slug":"bitcoin-bullish-signal-exchange-netflow-remains-negative","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/bitcoin-bullish-signal-exchange-netflow-remains-negative\/","title":{"rendered":"Bitcoin Bullish Signal: Exchange Netflow Remains Negative"},"content":{"rendered":"

On-chain data shows the Bitcoin exchange netflow has remained at negative values recently, which could play in the favor of the asset.<\/p>\n

Exchanges Have Been Seeing Net Bitcoin Outflows Recently<\/h2>\n

An analyst in a CryptoQuant Quicktake post<\/a> explained that investors have been withdrawing their coins from exchanges recently. The relevant indicator here is the “exchange netflow<\/a>,” which measures the net amount of Bitcoin currently moving into or out of the wallets of all centralized exchanges. The metric’s value is calculated as the outflows subtracted from the inflows.<\/p>\n

When this indicator’s value is positive, the inflows are more significant than the outflows right now; hence, a net number of coins is moving into these platforms.<\/p>\n

As one of the main reasons holders may want to deposit their coins to exchanges is for selling-related purposes, such a trend can have bearish consequences for the cryptocurrency.<\/p>\n

On the other hand, negative values suggest the holders are making net withdrawals currently. This kind of trend, when sustained, may be a sign that accumulation is going on in the market, which can naturally have bullish effects on the price in the long term.<\/p>\n

Related Reading: CryptoQuant Discusses How Bitcoin Has Changed In Past 1 Year<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin exchange netflow over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been red in recent days | Source: CryptoQaunt<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange’s netflow had been positive during the crash<\/a> earlier in the month, implying that net deposits had occurred.<\/p>\n
These inflows would have been from the investors taking part in the selloff and from those panic selling just after the selloff had occurred. This indicator tracks the combined data for both spot and derivative platforms, so a chunk of these inflows is bound to be coming from those looking to speculate on the futures market.<\/p>\n
Related Reading: Bitcoin Bull Run Incoming? This Metric Could Suggest So<\/a><\/div>\n
It wasn’t long, however, before the netflow turned negative, and the metric has since maintained in this region. This would suggest that the holders have continuously taken their coins off these central entities during the last few days.<\/p>\n
As analyst James V. Straten has pointed out<\/a> on X, many of these outflows have come from the Bybit<\/a> platform alone.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the metric's value has plunged recently | Source: @jimmyvs24 on X<\/a><\/pre>\n
The total balance on the exchange has plunged as a massive $300 million outflow has occurred. These latest withdrawals are the largest the exchange has ever witnessed.<\/p>\n
Bitcoin Surges After News Of Grayscale’s Success<\/h2>\n
Grayscale has found success<\/a> in its lawsuit against the US Securities and Exchange Commission (SEC). The Bitcoin market has quickly reacted, as the cryptocurrency has shot up towards the $27,500 mark.<\/p>\n
\"Bitcoin<\/p>\n
BTC has rocketed up during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
If the market-wide negative netflows that had been occurring were true because of buying taking place in the market, then this sharp rebound could have holding power, as it would mean that it has built up off a strong accumulation foundation.<\/p>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin exchange netflow has remained at negative values recently, which could play in the favor of the asset. Exchanges Have Been Seeing Net Bitcoin Outflows Recently An analyst in a CryptoQuant Quicktake post explained that investors have been withdrawing their coins from exchanges recently. The relevant indicator here is the “exchange netflow,” which measures the net amount of Bitcoin currently moving into or out of the wallets of all centralized exchanges. The metric’s value is calculated as the outflows subtracted from the inflows. When this indicator’s value is positive, the inflows are more significant than the outflows right now; hence, a net number of coins is moving into these platforms. As one of the main reasons holders may want to deposit their coins to exchanges is for selling-related purposes, such a trend can have bearish consequences for the cryptocurrency. On the other hand, negative values suggest the holders are making net withdrawals currently. This kind of trend, when sustained, may be a sign that accumulation is going on in the market, which can naturally have bullish effects on the price in the long term. Related Reading: CryptoQuant Discusses How Bitcoin Has Changed In Past 1 Year Now, here is a chart that shows the trend in the Bitcoin exchange netflow over the last few months: The value of the metric seems to have been red in recent days | Source: CryptoQaunt As displayed in the above graph, the Bitcoin exchange’s netflow had been positive during the crash earlier in the month, implying that net deposits had occurred. These inflows would have been from the investors taking part in the selloff and from those panic selling just after the selloff had occurred. This indicator tracks the combined data for both spot and derivative platforms, so a chunk of these inflows is bound to be coming from those looking to speculate on the futures market. Related Reading: Bitcoin Bull Run Incoming? This Metric Could Suggest So It wasn’t long, however, before the netflow turned negative, and the metric has since maintained in this region. This would suggest that the holders have continuously taken their coins off these central entities during the last few days. As analyst James V. Straten has pointed out on X, many of these outflows have come from the Bybit platform alone. Looks like the metric’s value has plunged recently | Source: @jimmyvs24 on X The total balance on the exchange has plunged as a massive $300 million outflow has occurred. These latest withdrawals are the largest the exchange has ever witnessed. Bitcoin Surges After News Of Grayscale’s Success Grayscale has found success in its lawsuit against the US Securities and Exchange Commission (SEC). The Bitcoin market has quickly reacted, as the cryptocurrency has shot up towards the $27,500 mark. BTC has rocketed up during the past day | Source: BTCUSD on TradingView If the market-wide negative netflows that had been occurring were true because of buying taking place in the market, then this sharp rebound could have holding power, as it would mean that it has built up off a strong accumulation foundation. Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":549315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86383,87825,1119,1144],"class_list":["post-549308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-netflow","tag-bitcoin-rebound","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Bullish Signal: Exchange Netflow Remains Negative<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin exchange netflow has remained at negative values recently, something that could play in the favor of the asset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bullish Signal: Exchange Netflow Remains Negative","url":"http:\/\/www.shenyangcang.com\/news\/bitcoin-bullish-signal-exchange-netflow-remains-negative\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.shenyangcang.com\/news\/bitcoin-bullish-signal-exchange-netflow-remains-negative\/"},"thumbnailUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/08\/iStock-1460700055.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/08\/iStock-1460700055.jpg?fit=2309%2C1299"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin exchange netflow","bitcoin rebound","btc","btcusd"],"dateCreated":"2023-08-29T19:00:54Z","datePublished":"2023-08-29T19:00:54Z","dateModified":"2024-06-11T07:24:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bullish Signal: Exchange Netflow Remains Negative\",\"url\":\"http:\\\/\\\/www.shenyangcang.com\\\/news\\\/bitcoin-bullish-signal-exchange-netflow-remains-negative\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.shenyangcang.com\\\/news\\\/bitcoin-bullish-signal-exchange-netflow-remains-negative\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1460700055.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1460700055.jpg?fit=2309%2C1299\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin exchange netflow\",\"bitcoin rebound\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-08-29T19:00:54Z\",\"datePublished\":\"2023-08-29T19:00:54Z\",\"dateModified\":\"2024-06-11T07:24:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/08\/iStock-1460700055.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts\/549308"}],"collection":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/comments?post=549308"}],"version-history":[{"count":0,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts\/549308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/media\/549315"}],"wp:attachment":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/media?parent=549308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/categories?post=549308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/tags?post=549308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}