Sustained bitcoin inflows into exchanges, if any, may mean a deeper price drop. reports godbole17
Bitcoin: 90-day average of net exchange inflows
Glassnode data shows the 90-day moving average of net exchange flows has turned positive, meaning more coins are entering exchanges than leaving.Net inflows imply investor intention to sell, while consistent outflows represent strong holding sentiment and take out circulating supply from the market, paving the way for price rallies.
The metric consistently signaled outflows with a negative print throughout bitcoin’s 10-fold rally to over $60,000 observed in 11 months to April 2021. Bitcoin was last seen trading largely unchanged on the day near $47,100. The cryptocurrency has been restricted to a range of $45,500 to $52,000 since early December.
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