Bitcoin All Exchanges Netflows Remain Muted Following The Price Rise
As explained by an analyst in a CryptoQuant , the BTC exchange netflows can help us know whether this short-term uptrend is sustainable or not.The “all exchanges netflow” is an indicator that 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.
Looks like the value of the metric saw a spike about a week ago| Source:As you can see in the above graph, only the positive scale of the Bitcoin exchange netflow is displayed, as it’s a sufficient enough metric in the context of the current price discussion. It seems like there have been no significant spikes in the value of the indicator since the crypto has observed the pump. This means that whales haven’t deposited any coins for dumping yet.
BTC Price
At the time of writing, Bitcoin’s price floats around $20.5k, up 7% in the last seven days. Over the past month, the crypto has gained 9% in value.
The below chart shows the trend in the price of the coin over the last five days.The value of the crypto seems to have sharply risen up over the past 24 hours | Source:
Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, CryptoQuant.com