Bitcoin Exchange Netflow Has Observed Deep Red Values In Recent Days
As pointed out by an analyst in a CryptoQuant , investors have withdrawn more than 60k BTC from exchanges recently.The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin entering or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.
The value of the metric seems to have been below zero in recent days | Source:As you can see in the above graph, the Bitcoin all exchanges netflow has observed some negative spikes during the last three days. These downward surges in the indicator’s value have amounted to more than 61k BTC leaving exchange wallets, the largest stack of withdrawals in months.
BTC Price
At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 5% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.Looks like the value of the crypto has been mostly trending sideways during the last few days | Source:Bitcoin hasn’t seen much price activity at all recently as the value of the crypto has been painting a flat curve. One exception was the surge to $20k a couple of days back, but it wasn’t long before the spike died down and BTC returned to its trend of consolidation.
Featured image from Dylan Leagh on unsplash.com, charts from TradingView.com, CryptoQuant.com