Bitcoin Inflows Move Up As Whales Continue To Sell
As pointed out by a CryptoQuant , on-chain data highlights that BTC inflows to exchanges have been going up.The “all exchanges inflow” is an indicator that shows the amount of Bitcoin that holders are depositing to exchanges on a given day.
Looks like the indicator's value has been trending up recently | Source:As the above graph highlights, BTC inflows have been on the rise lately. Before the crash in early December, the total inflows showed a sharp spike.
Related Reading | Weekend Volatility Awakens Bitcoin Buyers, Active Addresses
The above chart also has curves for two other indicators, the top ten whale inflows and the total inflow seven days mean. The latter, as its name already suggests, is just the seven days mean value of the normal metric.
While the former is a metric that shows how the top ten whale inflows contribute to the total inflows. Examining the graph, it seems like this indicator also had a spike recently, showing that whales might be increasing their dumping.Related Reading | Bitcoin Hovers Below $50k After Weekend Wipeout – Crypto Roundup, Dec 6, 2021
Such a trend has usually been bearish for the price of the cryptocurrency. However, it hasn’t always been the case. But given the recent market environment, signs may not be in BTC’s favor.BTC Price
At the time of writing, Bitcoin’s price floats around $49.1k, down 13% in the last seven days. Over the past month, the crypto has lost 27% in gains.
The below chart shows the trend in the price of BTC over the last five days.BTC's price looks to be moving sideways again | Source:Since the crash, Bitcoin has mostly been in consolidation. Currently, it’s unclear when the coin might show some recovery.
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com