On-chain data suggests the Bitcoin whales may have participated in a significant amount of buying while the market was panicking about the recent lows.
Bitcoin Exchange Netflow Has Been Quite Negative Recently
An analyst in a CryptoQuant Quicktake post pointed out that the exchanges have recently seen outflows. The indicator of interest here is the “exchange netflow,” which keeps track of the net amount of Bitcoin entering or exiting out of the wallets of all centralized exchanges. The metric’s value is calculated by subtracting the outflows from the inflows.
When the indicator has a positive value, the inflows overwhelm the outflows, and a net number of coins moves into these platforms.
As one of the main reasons investors may want to deposit their BTC to the exchanges is for selling purposes, this trend can have bearish implications for the cryptocurrency.
On the other hand, the negative metric implies withdrawals are taking place, which can be a sign that the holders are accum
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