{"id":522947,"date":"2023-03-14T15:30:22","date_gmt":"2023-03-14T15:30:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=522947"},"modified":"2024-06-11T08:38:03","modified_gmt":"2024-06-11T08:38:03","slug":"bitcoin-largest-inflow-6-sign-profit-taking","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-largest-inflow-6-sign-profit-taking\/","title":{"rendered":"Bitcoin Sees Largest Inflow In 6 Months, Sign Of Profit Taking?"},"content":{"rendered":"

On-chain data shows the Bitcoin exchange inflow has registered its largest value in six months, a sign that profit-taking may be going on after the price surge.<\/p>\n

Bitcoin Exchange Inflow Has Spiked To Highest In Six Months<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, a large number of coins have entered into exchanges recently. The relevant indicator here is the “exchange flow balance<\/a>,” which measures the net amount of Bitcoin that’s moving into or out of the wallets of all centralized exchanges.<\/p>\n

When the value of this metric is positive, it means the inflows taking place in the market are currently overwhelming the outflows and a net number of coins are entering exchange wallets.<\/p>\n

As one of the main reasons why a holder may deposit to an exchange is for selling-related purposes, such a value can impart a bearish effect on the price.<\/p>\n

On the other hand, the indicator having a value less than zero suggests supply is being pulled out of the exchanges right now. This kind of trend, when prolonged, can be a sign that investors are accumulating the asset at the moment, and hence, can be bullish for the BTC price.<\/p>\n

Related Reading: Bitcoin Thrives: What\u2019s Behind BTC Bounce To $24,000? This Analyst Says<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin exchange flow balance over the past month:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been quite positive in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange flow balance has shot up above the zero mark during the last couple of days. During this spike, a total of about 21,524 BTC ($524.9 million at the current exchange rate) has been deposited to these platforms.<\/p>\n
This value of the net inflow is the highest observed since the September of last year, around six months ago. These huge deposits have come after the price of the cryptocurrency has observed some strong uptrend and has crossed above the $24,000 level<\/a>.<\/p>\n
The chart also shows data for another indicator, the “supply on exchanges<\/a>,” which tells us about the percentage of the total circulating Bitcoin supply that’s currently being stored in exchange wallets.<\/p>\n
Naturally, this metric has also shot up as the inflows have taken place. According to this indicator, around 0.11% of the entire BTC supply moved to exchanges with these deposits within just a single day.<\/p>\n
As investors have made these transfers to exchanges with the price shooting up, it would seem reasonable to assume that at least some of these deposits are being done for taking advantage of the current profit-taking opportunity.<\/p>\n
Related Reading: Bitcoin Sharks & Whales Accumulated $821.5 Million During Dip: Santiment<\/a><\/div>\n
So far, the price has continued to rise to higher levels despite these inflows, suggesting that the market might have been more than comfortable absorbing this selling pressure. However, if the profit-taking continues, then the price may face some downside in the near term.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $25,900, up 16% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has surged over the last two days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin exchange inflow has registered its largest value in six months, a sign that profit-taking may be going on after the price surge. Bitcoin Exchange Inflow Has Spiked To Highest In Six Months According to data from the on-chain analytics firm Santiment, a large number of coins have entered into exchanges recently. The relevant indicator here is the “exchange flow balance,” which measures the net amount of Bitcoin that’s moving into or out of the wallets of all centralized exchanges. When the value of this metric is positive, it means the inflows taking place in the market are currently overwhelming the outflows and a net number of coins are entering exchange wallets. As one of the main reasons why a holder may deposit to an exchange is for selling-related purposes, such a value can impart a bearish effect on the price. On the other hand, the indicator having a value less than zero suggests supply is being pulled out of the exchanges right now. This kind of trend, when prolonged, can be a sign that investors are accumulating the asset at the moment, and hence, can be bullish for the BTC price. Related Reading: Bitcoin Thrives: What\u2019s Behind BTC Bounce To $24,000? This Analyst Says Now, here is a chart that shows the trend in the Bitcoin exchange flow balance over the past month: Looks like the value of the metric has been quite positive in recent days | Source: Santiment on Twitter As displayed in the above graph, the Bitcoin exchange flow balance has shot up above the zero mark during the last couple of days. During this spike, a total of about 21,524 BTC ($524.9 million at the current exchange rate) has been deposited to these platforms. This value of the net inflow is the highest observed since the September of last year, around six months ago. These huge deposits have come after the price of the cryptocurrency has observed some strong uptrend and has crossed above the $24,000 level. The chart also shows data for another indicator, the “supply on exchanges,” which tells us about the percentage of the total circulating Bitcoin supply that’s currently being stored in exchange wallets. Naturally, this metric has also shot up as the inflows have taken place. According to this indicator, around 0.11% of the entire BTC supply moved to exchanges with these deposits within just a single day. As investors have made these transfers to exchanges with the price shooting up, it would seem reasonable to assume that at least some of these deposits are being done for taking advantage of the current profit-taking opportunity. Related Reading: Bitcoin Sharks & Whales Accumulated $821.5 Million During Dip: Santiment So far, the price has continued to rise to higher levels despite these inflows, suggesting that the market might have been more than comfortable absorbing this selling pressure. However, if the profit-taking continues, then the price may face some downside in the near term. BTC Price At the time of writing, Bitcoin is trading around $25,900, up 16% in the last week. BTC has surged over the last two days | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":522958,"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":[428,87302,86383,85496,1119,1144],"class_list":["post-522947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-inflow","tag-bitcoin-exchange-netflow","tag-bitcoin-profit-taking","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Sees Largest Inflow In 6 Months, Sign Of Profit Taking?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin exchange inflow has registered its largest value in six months, a sign that profit-taking may 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sees Largest Inflow In 6 Months, Sign Of Profit Taking?","url":"http:\/\/ktsl888.com\/news\/bitcoin-largest-inflow-6-sign-profit-taking\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-largest-inflow-6-sign-profit-taking\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/thought-catalog-I0TDRP0fj6Y-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/thought-catalog-I0TDRP0fj6Y-unsplash-1-scaled.jpg?fit=2560%2C1918"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin exchange inflow","bitcoin exchange netflow","bitcoin profit-taking","btc","btcusd"],"dateCreated":"2023-03-14T15:30:22Z","datePublished":"2023-03-14T15:30:22Z","dateModified":"2024-06-11T08:38:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sees Largest Inflow In 6 Months, Sign Of Profit Taking?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-largest-inflow-6-sign-profit-taking\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-largest-inflow-6-sign-profit-taking\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/thought-catalog-I0TDRP0fj6Y-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/thought-catalog-I0TDRP0fj6Y-unsplash-1-scaled.jpg?fit=2560%2C1918\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin exchange inflow\",\"bitcoin exchange netflow\",\"bitcoin profit-taking\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-14T15:30:22Z\",\"datePublished\":\"2023-03-14T15:30:22Z\",\"dateModified\":\"2024-06-11T08:38:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/thought-catalog-I0TDRP0fj6Y-unsplash-1-scaled.jpg?fit=2560%2C1918","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/522947"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=522947"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/522947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/522958"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=522947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=522947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=522947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}