On-chain data shows the Bitcoin whale exchange inflows have remained down after hitting a local peak a while back, a sign that could prove to be bullish for the price of the crypto.
Bitcoin Whales Aren’t Sending Many Coins To Exchanges Right Now
As pointed out by an analyst in a CryptoQuant post, the BTC inflows made a peak recently and have remained down since, a signal that the bottom may be in for the coin.
The “all exchanges inflow” is an indicator that measures the total amount of Bitcoin being transferred to wallets of all centralized exchanges.
When the value of this metric is elevated, it means a large number of deposits are being made on exchanges right now. Since investors usually send their coins to exchanges for selling purposes, such values of the indicator can be bearish for the price of BTC.
On the other hand, low inflow values suggest a healthy amount of selling may be going on in the market right now. Depending on whether the outflows (the opposite metric) are raised or not, this kind of trend can be either bullish or neutral for the value of the crypto.
Now, here is a chart that shows the trend in the Bitcoin all exchanges inflows over the last few years:
The value of the metric seems to have been low in recent days Source: CryptoQuantFeatured image from Sandra Seitamaa on Unsplash.com, charts from TradingView.com, CryptoQuant.com